Republic of Palau Joins Hands With Ripple to Develop Digital Currency Strategy

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Global payments company Ripple has partnered with the island country Republic of Palau to develop strategies for a digital currency.

  • “The partnership will initially focus on developing strategies for cross-border payments and a USD-backed digital currency for Palau,” the fintech company announced on Tuesday.

  • This could lead to the implementation of the the world’s first government-backed stablecoin in the first half of next year. Ripple would provide the country with technical, business, design and policy support.

  • A U.S. dollar-backed stablecoin could provide countries like Palau a viable alternative to central bank digital currencies (CBDCs), Ripple said.

  • “As part of our commitment to lead in financial innovation and technologies, we are delighted to partner with Ripple,” Palau President Surangel Whipps Jr. said.

  • “The first phase of the partnership will focus on a cross-border payments strategy and exploring options to create a national digital currency, providing the citizens of Palau with greater financial access,” the president said.

Read more: Ripple Is Looking to Build a Market-Making Platform for XRP: Sources

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