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The Republic of Palau, an island nation on the continent of Oceania, is currently launching its own stablecoin project on the XRP public ledger (XRPL), using XRP for fast and secure payments. The project is implemented on the basis of a successful pilot program.
This achievement was highlighted by Ripple in the 2023 Value Report. The report shows that the stablecoin project is now up and running after a successful pilot project involving around 200 Palauans. Erie, an influencer in the XRP community, further brought the development to public attention.
The pilot program assessed the viability and convenience of the digital currency for local transactions and payments. Now that the stablecoin has been launched, Palauans can use their mobile devices to purchase items from participating stores or participate in local transactions using the currency. This innovative method is faster, more cost-effective, and offers improved safety compared to traditional approaches.
The project was born out of a strategic collaboration between Palau and Ripple, with Ripple offering comprehensive assistance in multiple areas including business, politics, and design. In addition, Ripple provided technical support to Palau, which allowed the development of a stablecoin on the XRP Ledger infrastructure.
While the Ripple report states that the stablecoin is powered by a private version of XRPL, Anthony Welfare, Ripple CBDC strategic advisor, clarified that the stablecoin is actually built on the XRP public ledger. Welfare acknowledged the error in the report and assured the team would actively correct the error.
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