Ripple has collaborated with the Republic of Palau to establish the ‘Kluk’ stablecoin pilot. The stablecoin will be delivered to Palau government workers when it is produced on the XRP Ledger. Through financial innovation and technology, the pilot project intends to increase financial access for Palau inhabitants. The PSC, also known as ‘Kluk,’ is a prototype digitalization of the US dollar that is being developed in collaboration with Ripple. Ripple’s CBDC Platform, which allows users to mint, manage, trade, and redeem CBDCs and stablecoins, might revolutionize Palau’s payment system. On Thursday, 9:00 a.m. Palau Time (PWT), Ripple Labs and the Republic of Palau will issue a joint news statement on the pilot.
Binance has listed First Digital USD, a stablecoin, and is now providing zero trading fees on select FDUSD pairings. The decision comes in the wake of a backlash over Binance’s recent TrueUSD promotion, which promised $0 trading costs for some TUSD pairings. The stablecoin rose to fifth place in the market. Justin Sun, the founder of Tron, denied any ownership or acquisition of TUSD, claiming that it is under the control of Techteryx, an independent business. Binance’s BUSD stablecoin is expected to phase out after its issuer Paxos was ordered by the New York Department of Financial Services to stop producing it. With Binance’s listing, the FDUSD stablecoin’s supply may increase. First Digital Labs, situated in Hong Kong, issues FDUSD as part of the wider First Digital Group. Binance will not collect maker fees for the spot trading pairings FDUSD/BNB, FDUSD/USDT, and FDUSD/BUSD.