Ripple announced an important partnership. The Pacific island nation of Palau has partnered with Ripple to use the XRP Ledger for its US dollar-pegged, government-based national stablecoin.
Palau partners with Ripple for its national stablecoin
cryptocoin.com As we have reported, despite the problems with the USA, Ripple has not given up on its mission to be a major player in the global payments industry. Palau looks to the company as the best option to develop a local currency that is fully based on the US dollar. “Palau chose Ripple for its extensive experience in building Blockchain and global payment systems, and chose XRP Ledger because it is carbon neutral and more energy efficient,” Ripple said in its announcement.
Palau chose XRP Ledger to create a digital dollar to circulate internally in the country. The idea is to design a USD-backed stablecoin around which other services such as institutional registers can be developed. “As part of our commitment to lead in financial innovation and technologies, we are delighted to partner with Ripple,” said Surangel S. Whipps Jr., President of Palau.
Palau, a group of more than 300 islands in the Micronesia region of the western Pacific Ocean, has a population of 22,000 and a GDP of $268 million, according to World Bank data. They do not have their own fiat currency. Like El Salvador, citizens use the US dollar as a legal tender. However, the country does not want to legally accept XRP or any cryptocurrency, but hopes to issue a government-run digital version of the US dollar. Ripple (XRP) price and detailed market data from here you can see.
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