Ripple, the blockchain technology company, has been making significant strides in the aftermath of its important victory against the SEC in the SEC-XRP lawsuit.
The latest development comes in the form of a groundbreaking partnership with Palau, an island country in the Pacific. Palau’s government has joined forces with Ripple to pilot a US dollar-backed stablecoin on the XRP Ledger.
The partnership between Ripple and Palau marks a significant step for the island nation in embracing financial innovation and new technologies.
As part of the commitment to drive financial access and inclusion for its citizens, Palau plans to create its national digital currency through the implementation of a stablecoin.
In the initial phase of the collaboration, Ripple and Palau are set to launch the Palau Stablecoins (PSC) pilot project. The stablecoin will be backed by the US dollar, ensuring stability and a reliable peg.
Notably, the Palau government intends to make the first PSC available to government employees, paving the way for broader adoption across the country.
Palau’s President, Surangel Whipps Jr, expressed his enthusiasm for the partnership with Ripple, highlighting its potential to bring greater financial access to Palau’s citizens.
By leveraging Ripple’s expertise and technology, the country aims to lead the way in fostering financial innovation for its population.
As part of the collaboration, Ripple’s Central Bank Digital Currency (CBDC) Platform will play a key role in deploying the PSC on the XRP Ledger (XRPL).
This platform is designed to facilitate the creation and management of digital currencies by central banks, offering a secure and efficient solution.
Ripple’s partnership with Palau adds to its growing portfolio of Central Bank Digital Currency (CBDC) projects.
