Ripple Partners With Republic Of Palau To Develop National Digital Currency

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.

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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

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