Ripple partnered with Palau to develop a digital currency, which will be backed by the US dollar.
Besides all the legal hurdles and scrutiny issues by the US regulators, Ripple firm is not lagging toward the crypto and blockchain industry adoption. Ripple firm is continuously doing its work to push the adoption of blockchain technology in the whole world through crypto and non-crypto initiatives.
In the latest, San Francisco-based giant payment network firm, Ripple partnered with the Republic of Palau. The main aim of the partnership is to give a special currency to Palau to enable cross-border transactions easily.
At present, Palau doesn’t have its official fiat currency like El Salvador. And currently, Palau is relying on the US dollar to facilitate any kind of payments inside and outside its region. And also Palau doesn’t have a central bank.
But now, With the help of the Ripple firm, Palau will get its digital currency. The newly designed digital currency of Palau will be like CBDCs or much similar to the Stablecoins, which will be backed by the US dollar.
After the completion of the work by the Ripple firm for Palau, it will be the first stabelcoin that will be backed by the government authorities officially.
According to the press release, Ripple will not only create digital currency but also will help to provide a technical, business, design, and policy support framework.
Surangel Whipps Jr, President of Palau, shared his happiness on this partnership with the Ripple firm to modernize the payment infrastructure of Palau. He 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.”