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The nature of the relationship between American blockchain payments firm Ripple Labs Inc. and the Republic of Palau has been subject to much debate, with the media speculating wrongly about its scope. Taking to the X app, Jay Hunter Anson, Digital Residency Office Director of Palau, noted that the country's stablecoin pilot was a temporary project that might come to an end soon.
Alex DovbnyaAccording to Jay, claims that Palau is "looking forward to continuing its partnership with Ripple using the XRPL to refine our Stablecoin solution design" are false. He went on to confirm that the stablecoin project was scheduled to last for just 60 days, after which an extension of 30 days was introduced to focus on the other use cases that were discovered during the pilot.
The extension of the pilot also allowed more people to participate in the project, which helped satisfy popular demand in the country. Moving forward, Jay Hunter said the team will now compile data emanating from the trials and push its report to the country’s leadership.
The pilot project overseers will make recommendations to the government on the next steps, which will also include requirements for a full production program. From his comments, the role of Ripple in the future is not yet defined at this time, and wrong to conclude at this time.
Ripple hitting it off with various countries
Ripple Labs has one of the most revolutionary payment and cross-border settlement solutions in the world's emerging digital ecosystem of today. The company has been assisting countries with their Central Bank Digital Currency (CBDC) solutions, with nations like Bhutan also joining the count.
The attractiveness of Ripple goes beyond its technology; it is also enshrined in its sustainability practice, which underscores how countries can achieve different goals through a single partnership.
Valeria Blokhina
Tomiwabold Olajide