San Francisco-based enterprise blockchain provider Ripple has announced a partnership with the Republic of Palau, a tropical country in the western Pacific region that consists of roughly 340 tightly clustered islands.
Initially, the company will work on developing cross-border payments in the nation. It is also on track to help Palau to launch the first state-backed stablecoin—backed by the U.S. dollar—that could act as the country's national currency, according to President Surangel Whipps, Jr.:
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.
Palau decided to partner with Ripple because of the speed and efficiency of XRP Ledger, as well as the company's extensive track record of developing blockchain-based solutions for payments.As reported by U.Today, Ripple also signed a deal with Bhutan's central bank in late September in order to help develop the country's central bank digital currency.
CEO Brad Garlinghouse recently revealed that the country had plans to hire 250 more employees globally.
Earlier this month, the company, which has been mired in a nasty legal battle with the U.S. Securities and Exchange Commission, also introduced a regulatory framework for cryptocurrencies that could be applied in the U.S.