San Francisco-based payments company Ripple is launching a stablecoin project for the Micronesian nation of Palau. At a time when stablecoins are under threat from regulators, private projects continue to develop despite everything.
The development of the country on the crypto plan
Surangel Whipps Jr. is the current President of the Republic of Palau. Speaking at a conference in Singapore, he says the island nation has several projects underway using cryptocurrencies. By these projects, we count a stablecoin issued by the government, as well as Binance Pay. In his words, Palau is also taking a step further by collaborating with Ripple to explore the creation of a national stablecoin. They hope to launch the stablecoin soon, to make payments easier and more secure.
Palau has been recognized by blockchain industry leaders like Binance’s Changpeng Zhao. The CEO of Binance was able to visit said President a few months ago. They discussed how to collaborate on the digital residency program. Added to this is a potential collaboration when it comes to using Binance Pay. The app will make it possible to make digital payments for digital residents, but also even participate in local commerce.
Adequate size for crypto integration
According to Whipps Jr., the nation’s small size makes it easier to integrate digital assets into its financial system. He says he is delighted to be part of this crypto sphere which he describes as a new world. According to him, one of the advantages of Palau is its small size adaptable to changes and rapidly changing environments. In November, Ripple Labs published a stablecoin paper indicating that 2023 will be a good year for dollar-pegged cryptos. The reason is that more and more institutions and investors are adopting them as they gain more cross-chain capabilities.
As banks and other financial institutions continue to explore additional use cases for stablecoins, cross-chain interoperability and the many benefits offered by public and decentralized blockchain networks will be key steps on the way to a future. stablecoin. According to Ripple, the Palau stablecoin will be launched on the Ledger XRP.
Nevertheless, the stablecoin does not yet have a firm release date. XRP is the digital asset that powers Ripple’s payments platform. This suggests that the digital asset will be involved in the stablecoin project. Ripple collaborates with the Republic of Palau to explore the possibility of a government-backed stablecoin on XRPL [XRP Ledger] audience. The inherently green design of the ledger is very important for a country known for its leadership on climate issues.
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