The Republic of Palau has initiated the second phase of its stablecoin project, as part of the country's progressive approach to cryptocurrency.

The new phase aims to create a strong ecosystem and improve user access and participation, whilst keeping in line with regulatory and compliance requirements.

The announcement was made by Jay Hunter Anson, a member of the board of directors of Palau's Ministry of Finance.

The government of Palau has previously endorsed the development and adoption of digital technology which enhances the nation's financial infrastructure.