The President of Palau has announced the country is cooperating with fintech company Ripple Labs to create a “national stablecoin.”
According to him, the state should strive to diversify its economy and “take full advantage of new technologies.”
He has said:
“Palau is taking the step of collaborating with Ripple to explore the possibility of creating a national stablecoin that we hope to launch soon. This will help make payments simple and secure.”
He has added that the state does not have a Central Bank because it uses the US dollar as its official currency. According to him, the creation of its own CBDC is the goal of the new project.
He has added:
“Palau is also very fortunate to have received recognition from leaders in the blockchain industry such as Binance CEO Changpeng Zhao. We talked about how we can collaborate on the digital residency program and use Binance Pay to make payments.”