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Ripple and the Republic of Palau Collaborate to Mint First PSC StablecoinIn a groundbreaking partnership, the Republic of Palau has teamed up with Ripple Labs to introduce its inaugural stablecoin, the Palau Stablecoin (PSC).This occasion was shared by Jay Hunter Anson, the Director of Palau’s Digital Residency Program and a member of Palau’s Ministry of Finance, who took to Twitter on Wednesday to shed light on the collaboration between the Palau National Treasury and Ripple Labs.The event unfolded at the National Capitol in Ngerulmud, Palau, where representatives from both the Palau National Treasury and Ripple gathered to celebrate the successful launch of the Palau Stablecoin. Anson emphasized that this marks a significant step in their joint exploration of the stablecoin’s potential use cases within the Micronesian island nation.Photo by Kanchanara on UnsplashReducing payment costsPalau’s Ministry of Finance initiated the Stablecoin project to address specific needs within the nation’s financial landscape. By sponsoring this project, the ministry aims to reduce payment costs within the Republic of Palau and enhance access to financial services, especially for underserved communities and various socio-economic groups, utilizing digital solutions.Notably, the Palau Stablecoin operates on the XRP Ledger (XRPL), demonstrating Ripple’s technology as the backbone of this financial initiative.Anson’s tweets also shed light on the meticulous approach taken in developing the Palau Stablecoin. Controlled and limited PSC pilot tests have been conducted to assess the effectiveness and efficiency of the solution co-designed with Ripple. These pilot experiments provide valuable insights into the stability and usability of the Palau Stablecoin before its potential public release.Extensive testingAlready, the Palau Stablecoin pilot program has seen volunteer users actively participating in the testing phase. Videos shared by Anson on Twitter showcased smooth transactions at partner vendors in Palau, promptly confirming the transaction receipts.The successful implementation of the Palau Stablecoin pilot program has drawn attention from the XRP community, and anticipation is building for the official joint press release scheduled for July 27, Thursday morning in Ngerulmud, Palau, as Anson revealed.The collaboration between Ripple and the Republic of Palau was initiated at the end of 2021, with launch originally scheduled to take place in 2022. Ripple has claimed to be in dialogue with in excess of twenty governments relative to enabling central bank digital currency (CBDC) issuance.Given that the island state lacks a functioning central bank and the US dollar is recognized as the primary medium of exchange throughout the country, the creation of a USD-backed stablecoin is a significant achievement resulting from the national stablecoin initiative. The president described this as a “step towards our own central bank digital currency.”There has been plenty of activity in Micronesian nations relative to cryptocurrency in recent times. Tonga is understood to be considering introducing bitcoin as legal tender. The Marshall Islands is considering issuing a CBDC although it is being discouraged by the International Monetary Fund (IMF) in that endeavor. Meanwhile, the government of Vanuatu announced its support for the Satoshi Island project.With a strategic focus on addressing financial needs and enhancing accessibility within Palau, this partnership sets the stage for a new era of digital financial solutions for the Micronesian nation.

Thailand’s Incoming Prime Minister Signals Crypto EmbraceIn a recent parliamentary decision on August 22, real estate magnate Srettha Thavisin emerged as Thailand’s forthcoming Prime Minister. Thavisin, acclaimed for his prior role as the CEO of Sansiri — one of Thailand’s major real estate developers — has a history entwined with the cryptocurrency sector, hinting at potential ramifications for the nation’s crypto landscape.Photo by Markus Winkler on UnsplashParliamentary selection winThe appointment came under the banner of the Pheu Thai Party, with Thavisin securing 482 votes out of 747 in the parliamentary endorsement.Thavisin’s ascent to power could potentially herald a significant shift in Thailand’s approach to cryptocurrencies, leveraging his involvement with Sansiri’s foray into the digital asset domain. Departing from his role as Sansiri’s CEO in April, Thavisin relinquished his 4.4% stake in the company, setting the stage for him to pursue a career in politics.Crypto firm investmentSansiri, under Thavisin’s leadership, undertook active participation in the country’s digital asset arena. Notably, in 2021, the company participated in a substantial $225 million fundraising round for XSpring Capital, a crypto-friendly investment management firm. This strategic partnership paved the way for XSpring to launch a fully integrated cryptocurrency trading platform in 2022, with aspirations to establish a presence among the top crypto exchange companies by 2025.Thavisin’s impact on the crypto sector goes beyond investment. His company also introduced the “SiriHub Token” via XSpring in 2022, presenting a real estate-backed initial coin offering (ICO) that extended 240 million tokens to the public. This duality of involvement from crypto firm investment to token issuance, demonstrates that the new Thai premier has not been afraid to get involved with crypto innovation at an early stage.Crypto airdrop proposalIt appears that Thavisin’s affinity for cryptocurrency transcends corporate endeavors, as his political affiliation with the Pheu Thai Party, which he joined in November 2022, introduced a novel proposition. The party proposed disbursing 10,000 Thai baht (approximately $300) to citizens, executed through digital currency transactions. The synergy between his cryptocurrency background and this proposal raises questions about the potential influence of his past on Thailand’s future crypto policies.As Thavisin’s administration prepares to assume office by the end of September, the extent to which his crypto engagement shapes the nation’s policies remains a topic of speculation. However, the confluence of his real estate expertise and cryptocurrency ventures offers a unique blend of experiences that might foster innovative approaches.Notably, Thavisin’s journey isn’t the sole instance of Thailand’s government engaging with the crypto industry. Earlier in 2023, Thailand’s cabinet introduced tax breaks for companies issuing investment tokens. These measures, announced in March, aim to generate 128 billion baht ($3.7 billion) from investment token offerings over the next two years.Political importanceThavisin’s perceived embrace of cryptocurrency in Thailand comes at a time when crypto and blockchain innovation is being supported by political candidates in multiple jurisdictions. In the United States, the Republican Party is holding a debate on Wednesday between its eight candidates for the presidential nomination, with several of them being pro-crypto.On the Democratic Party side, Robert F. Kennedy is pro-bitcoin, having recently stated that bitcoin is an exercise in extending civil liberty. Meanwhile, in Argentina, Javier Milei, a libertarian pro-bitcoin candidate, topped the poll in the country’s recent presidential primary.

HTX resumes Bitcoin and Ether services post $30 million hackDigital asset exchange HTX has successfully reinstated deposit and withdrawal services for major cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), following a recent security breach that saw the platform drained of $30 million.Photo by Traxer on UnsplashMoving towards normal exchange operationsIn an official announcement published to its website on Sunday, HTX reported the restoration of services for specific virtual assets through the ERC20 blockchain, signaling a positive step toward normalcy. The exchange assured users that additional services would resume shortly.The statement listed more than 60 individual digital assets that have now been restored from the perspective of user withdrawals.Amidst the controversy sparked by the hack, HTX emphasized its commitment to covering all losses from its reserves. The exchange pledged ongoing investigations and the reinforcement of security measures to prevent a recurrence of such events in the future. The announcement stated:“Since its founding, HTX has remained committed to a policy of 100% reserves, ensuring our capacity to meet the withdrawal needs of all users.”Airdrop event plannedThe Seychelles-incorporated exchange also outlined details on an upcoming airdrop designed to incentivize community participation in the aftermath of the significant hack. The airdrop aims at users holding Rockets, with the value set at one USDT, and those possessing leading assets like HT, BTC and ETH will witness multiplied ticket values.The platform experienced a significant security breach alongside a similar incident on the HECO bridge, resulting in total losses exceeding $85 million. Justin Sun, an advisor to the exchange, pledged full compensation for all losses and temporarily suspended deposits and withdrawals until identified risks were addressed.Justin Sun controversySun provided additional insights through a series of posts on the X platform. He confirmed the full functionality of major cryptocurrencies, including BTC, ETH, TRX and USDT, and expressed expectations for the restoration of all others by the upcoming week. Sun wrote:“The majority of the work has been accomplished, and we aim to restore the remaining currencies gradually in the next few days, with all work expected to be completed by next week.”Justin Sun, known for his involvement in platforms that recently faced security breaches, reassured users of the ongoing efforts to enhance safety measures. This incident marked the fourth unfortunate event linked to Justin Sun-related platforms within a short span. HTX, formerly known as Huobi, suffered a $30 million hack, following HECO bridge, Poloniex and a prior HTX security breach.The controversial founder of the TRON blockchain network has come in for criticism of late. Travis Kling, Founder and Chief Investment Officer (CIO) of crypto fund Ikagai Asset Management, was scathing of Sun in comments made on the X platform on Monday. Kling wrote:“[Justin Sun] has been hacked four times in the last two months” . . . “He’s a criminal and terrible for crypto and the sooner we get him out, the better.”Earlier this month, the Poloniex crypto exchange fell victim to a $100 million hack, causing a stir within the wider crypto community. The exchange, like HTX, assured users of full compensation and even initiated a white hat bounty of $10 million for the safe return of assets, having identified the responsible party and indicating the initiation of criminal proceedings.