February 22, 2024

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Ripple (XRP) has gained around 6% as per the price movement report for the last seven days. The recent traction in Ripple native token started as a result of a new project.

According to media outlets, Ripple Labs is working on a blockchain assignment for Micronesia Palau Island. As per sources, the project is focused on creating a new stablecoin.

The president of Western Pacific, Surangel Whipps Jr., shared the details of the talked-about project. He was attending the cryptocurrency conference organized in Singapore. His statement indicated that Palau is working on a government-backed stablecoin with Ripple.

Talking to the media outlets, Whipps claimed that Palau is currently working alongside Ripple on a national stablecoin project. He further said that the project would see the light of day sooner than later. He also exclaimed that the national stablecoin will make the digital payments process easier and more secure than ever before.

He also revealed that the government of Palau was having meetings with Binance to organize digital residency in the nation. As part of its official briefing on the matter, Ripple has published a White Paper talking about the importance of stablecoins.

Ripple Labs has shared that the stablecoins would be hosted on XRP Ledger and issued a list of utilities for the token.

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The archipelago of Palau has shown visible enthusiasm toward the new stablecoin project. The president of Palau states that the small nation made up of 500 islands is looking for ways to broaden its economic prospects. The nation has enacted the Digital Residency Act to make way for easy and secure payments.

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Palau has received banking support from Ethereum Foundation. In this way, the state officials of Palau have been able to set up an R&S ID for devs. Whipps has interjected that a stablecoin and a CBDC can share a symbiotic ecosystem.

He further revealed that the stablecoin is likely to be backed by USD and work as a foundation for the new CBDC for Palau.

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