Recently, the Republic of Palau, an island nation in the Oceanian continent, launched its stablecoin project on the public XRP Ledger (XRPL). The project aims to utilize XRP for swift and secure payments. Following a successful pilot program, the project has been implemented.
Ripple’s 2023 value report has brought attention to the accomplishment. It has been reported that the stablecoin project has officially launched after a successful pilot program that included the participation of approximately 200 Palauan citizens.
XRP community influencer, Eri, has recently brought the development to the public’s attention:
"Palau built their stablecoin on the private version of the XRP Ledger….using its native digital asset #XRP…"
— 🌸Crypto Eri 220k+ Followers (Beware of Imposters) (@sentosumosaba) May 25, 2023
Source: Ripple 2023 Value Report pic.twitter.com/SfjxF0q9e8
The recent pilot program assessed the viability and user-friendliness of digital currency for local transactions and payments. Palauan residents could use mobile devices to purchase goods from participating stores or engage in local transactions using the newly launched stablecoin. In a groundbreaking development, the new method boasts faster processing times, increased cost-effectiveness, and heightened security measures compared to conventional approaches.
Palau and Ripple have joined forces in collaboration to launch the new project. Ripple has partnered with Palau to bring this innovative initiative to life. In a recent development, a Silicon Valley company has extended technical support to Palau, facilitating the creation of a stablecoin on the XRP Ledger infrastructure.
In a recent development, it has been clarified by Antony Welfare, Ripple’s CBDC Strategic Advisor, that the stablecoin is built on the public XRP Ledger, despite the value report indicating that it runs on a private version of the XRPL.
Welfare has acknowledged an error in their report and assured the public that their team is actively working to rectify the mistake, via a tweet:
Just wanted to reshare this message from @nbougalis and confirm the @Ripple team are correcting the report – thanks for highlighting for us 👌@sentosumosaba – The Palau USD stablecoin is on the Public XRP ledger 👍 https://t.co/EAZ3vcmisx
— Antony Welfare (@AntonyWelfare) May 25, 2023
Palau’s President Surangel Whipps Jr. told Bloomberg in December 2017 that his country had been exploring the possibility of introducing a national stablecoin backed by the US dollar in partnership with Ripple. President Whipps recently made a statement that emphasized the relevance of building a national stablecoin and praised Palau’s CBDC ambitions, demonstrating. the President’s vision of CBDC as a necessary and positive step forward for the country.
