Pacific Paradise Palau will Explore Digital Currency with Ripple

The beautiful pacific-island’ country, Republic of Palau, have brought payments network Ripple on board to develop strategies for a digital currency.

With the cooperation, the world’s first government-backed stablecoin could become a reality as soon as next year. A USD-backed table coin could provide a good alternative to central bank digital currencies for nations like Palau, Ripple said as it made the announcement on Tuesday:

“The partnership will initially focus on developing strategies for cross-border payments and a USD-backed digital currency for Palau.”

In the partnership, the fintech company will provide Palau with technical, business, design and policy support.

Palau President, Surangel Whipps Jr. said

“As part of our commitment to lead in financial innovation and technologies, we are delighted to partner with Ripple.”

“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.”