Odaily Planet Daily News Palau Senate Resources, Commerce, Trade and Development Committee Chairman Mark Rudimch called for an audit of Palau's stablecoin pilot program. The program was launched in July by the Palau Ministry of Finance in partnership with Ripple.
In a letter to public auditor Satrunino Tewid, Rudimch noted that the Palau Senate had concerns about the "constitutional, security, accountability, statutory powers and oversight of the scheme". (Bitcoin.com)
According to previous reports, the Palau government launched a USD-backed stablecoin pilot project on July 26. The new currency will be issued on the XRP Ledger, the latest project to run on the Ripple CBDC platform launched in May. The country will issue the first Palau stablecoin (PSC) in a pilot program to government employees.