BlocksInform
Ripple’s XRP gained upwards of 6% in the last week up to December 27, following the announcement that the blockchain was working with Micronesia island nation Palau on a stablecoin project. On the occasion of a conference on cryptocurrencies held in Singapore, the West Pacific Nation's president, Surangel Whip Junior, declared that his country was involved in several crypto projects, including a stablecoin issued by the government in co-operation with Ripple.
"Palau is also taking a step in collaboration with Ripple to explore the creation of a national housing facility, which we hope to launch soon and help make payments easy and safe". Whipps added that Palau was also in talks with BINANCE to launch a “digital residency country in the country.“
In November, Ripple released a white paper on the importance of stablecoins in 2023. The company foresees a case in which an increasing number of institutional investors will continue to use the capabilities of the transversal chain. The new housing would also be ecologically designed.
The blockchain wrote on its website that “Ripple is working with the Republic of Palau to help explore a potential government-backed stablecoin on the public XRP (XRP Ledger). The intrinsically ecological design of the LEDGER is very important for a nation known for its climate leadership.“
Palau Banks About cryptography for economic diversification.
The chairman of the archipelago of over 500 islands said it was a small country, Finding ways to expand the economy was key, including benefiting from new technologies. The first includes a law on digital residence, presented as ideal for making easy and safe payments.
Palau is also banking on support from the co-founder of Ethereum, Vitalik Buterin, around the option of opening up the R&S ID ecosystem to the developer community. On the question of whether a private or decentralized crypto ecosystem and CBDC could complement one another, the whips felt the two were symbiotic. “In developing our collaboration with Ripple, we aim to have a USD-backed stablecoin, which is a step towards our own CBDC, you could say.“
