Republic of Palau Joins Hands With Ripple to Develop Digital Currency Strategy

The fintech company will explore the country’s first digital currency strategy and its use case.

AccessTimeIconNov 24, 2021 at 8:59 a.m. UTC
Updated May 11, 2023 at 4:40 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Global payments company Ripple has partnered with the island country Republic of Palau to develop strategies for a digital currency.

  • “The partnership will initially focus on developing strategies for cross-border payments and a USD-backed digital currency for Palau,” the fintech company announced on Tuesday.
  • This could lead to the implementation of the the world’s first government-backed stablecoin in the first half of next year. Ripple would provide the country with technical, business, design and policy support.
  • A U.S. dollar-backed stablecoin could provide countries like Palau a viable alternative to central bank digital currencies (CBDCs), Ripple said.
  • “As part of our commitment to lead in financial innovation and technologies, we are delighted to partner with Ripple,” Palau President Surangel Whipps Jr. said.
  • “The first phase of the partnership will focus on a cross-border payments strategy and exploring options to create a national digital currency, providing the citizens of Palau with greater financial access,” the president said.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Parikshit Mishra

Parikshit Mishra is CoinDesk's Deputy Managing Editor responsible for breaking news coverage. He does not have any crypto holdings.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about