Palau says it wants to launch its stable dollar-backed coin with Ripple to stimulate the economy and increase financial inclusion.
In a recent tweet, Ripple outlined its progress with the Republic of Palau to create a government-backed cryptocurrency. According to the update, the initiative has entered a new phase.
Palau aims to create a stable cryptocurrency to exchange at a one-to-one ratio with the US dollar.
In addition, the stablecoin XRP Ledger (XRPL) will run on the blockchain.
The Republic of Palau is partnering with Ripple to pilot a US dollar-backed Stablecoin on XRPLedger.
Information on the benefits for citizens and merchants and how the #Ripple CBDC platform will be implemented in the next phase of the Stablecoin pilot in Palau will be available later.
The tweet also includes a clip of the Palauan government detailing its goal of creating a stablecoin in the Palauan economy.
