Palau Wraps XRP Ledger Stablecoin Audit: Here’s What Ripple Paid

Palau Wraps XRP Ledger Stablecoin Audit: Here’s What Ripple Paid – MAXBIT

Palau’s Office of the Public Auditor (OPA) has released the long-awaited performance audit of the government’s XRP-Ledger-based stablecoin pilot, confirming that Ripple Services Inc. funded the 25-month experiment with a single $25,000 payment and that just over half of that grant has been spent. The 12-page report closes the accounting on the Palau Stablecoin (PSC)...

Palau Wraps XRP Ledger Stablecoin Audit: Here’s What Ripple Paid

Palau’s Office of the Public Auditor (OPA) has released the long-awaited performance audit of the government’s XRP-Ledger-based stablecoin pilot, confirming that Ripple Services Inc. funded the 25-month experiment with a single $25,000 payment and that just over half of that grant has been spent. The 12-page report closes the accounting on the Palau Stablecoin (PSC) project, which ran from 26 October 2021 to 27 November 2023. Ripple’s $25K Grant…

Palau Audit Finds Legal Gaps in Ripple-Backed Stablecoin Pilot Project - Blockonomi

TLDR: Palau audit found Ripple-funded stablecoin project lacked two required legal certifications. Agreements skipped Attorney General review and fund availability confirmation. $25K grant was properly deposited and spent during the trial with no misuse reported. Any future rollout of PSC will require formal approval from Palau’s National Congress. Palau’s digital currency initiative has come under scrutiny following an audit of its pilot proje…