Ripple (XRP) partnership will initially focus on developing strategies for cross-border payments and a USD-backed digital currency for Palau.
We’re excited to announce a new partnership with the Republic of Palau. The goal is to explore the country’s first national digital currency and its use cases with the XRP Ledger (XRPL). The partnership will initially focus on developing strategies for cross-border payments and a USD-backed digital currency for Palau. This could see the implementation of the world’s first government-backed national stablecoin in the first half of 2022. Ripple would provide Palau with technical, business, design and policy support. Exploring a USD-backed stablecoin and associated use cases — such as a corporate registry — on the XRP Ledger could provide a viable alternative to central bank digital currencies (CBDCs) for countries like Palau.
Ripple is a technology that works as the cryptocurrency XRP and a digital payment network for financial transactions. The company announced a partnership with Micronesia’s region Palau in the western Pacific Ocean.
Currently, the SEC has sued the company, accusing it of selling XRP as an unregistered security. Ripple is defending itself, but the case has proved to be a major blow to its reputation. And obviously consequently that of its XRP token. The XRP token, which once ranked in the Top 3 by market capitalization, is currently at number 7. Token’s once-dominant fan community, the XRP Army, is now all but dead on Crypto Twitter.
“As part of our commitment to lead in financial innovation and technologies, we are delighted to partner with Ripple,” said President Surangel Whipps Jr. “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.”
“We are excited to be working with Palau to achieve its financial and climate-related goals,” said James Wallis, VP of Central Bank Engagements at Ripple. “We have a wonderful opportunity to bring together our technology and experience with the unique characteristics of Palau to make a real economic and social impact for the country.”