Digital payment network Ripple has partnered with the Republic of Palau to develop its own digital currency. The payment network is still on a mission to dominate the global payments industry. That is, despite the issues it is dealing with in the U.S. Related Reading | SEC Takes Blow In Action Against Ripple, Will It Impact XRP Price? Like El Salvador, the country does not have its own fiat currency or even a Central Bank. Its legal tender, instead, is the U.S. dollar. The partnership with Ripple will focus on developing a USD-backed digital currency, more like a stablecoin rather than a central bank digital currency (CBDC). This currency would help facilitate cross-border payments for the nation. Ripple Develops First-Ever Government-Backed National Stablecoin According to a Tuesday announcement by Ripple, the partnership will focus on developing strategies for cross-border payments. The implementation of this plan means that Palau would have the world’s first government-backed national stablecoin. Related Reading | XRP Builds Momentum With 7% Increase As Ripple Launches New ODL Partnership Ripple, with its experience in building global payment systems, plans to implement the national stablecoin in the first half of 2022. And also provide Palau with technical, business, design, and policy support. Palau’s President Surangel Whipps Jr. expressed pleasure about the partnership with Ripple to advance financial in...
