The Pacific island nation of Palau is partnering with San Francisco blockchain payments company Ripple. Particularly, on a U.S. dollar digital currency for the country, which is the world’s first government national stablecoin. Of course, using the XRP Ledger, as per information from a Ripple announcement.
Furthermore, Ripple will provide Palau with technical, business, design and policy support for Palau’s national stablecoin.
Then, Ripple explains in its announcement.
“Palau chose Ripple because of its extensive experience in blockchain and building global payment systems,..”
“and the XRP Ledger because it’s carbon-neutral and 120,000x more…”
“energy-efficient than proof-of-work blockchains,”
“As part of our commitment to lead in financial innovation and technologies,..”
“we are delighted to partner with Ripple,”
So, Surangel S. Whipps Jr., president of Palau says.
“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.”
Lastly, A U.S. dollar stablecoin and similar use cases like corporate registry on the XRP Ledger. Of course, this can become an alternative to central bank digital currencies (CBDCs), according to Ripple.
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