Share this article

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.

Updated May 11, 2023, 4:40 p.m. Published Nov 24, 2021, 8:59 a.m.

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.

STORY CONTINUES BELOW

Don't miss another story.Subscribe to the State of Crypto Newsletter today. See all newsletters

By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.

CBDCs Fintech Ripple

Parikshit Mishra

Parikshit Mishra is CoinDesk's Regional Head of Asia, managing the editorial team in the region. Before joining CoinDesk, he was the EMEA Editor at Acuris (Mergermarket), where he dealt with copies related to private equity and the startup ecosystem. He has also worked as an Senior Analyst for CRISIL, covering the European markets and global economies. His most notable tenure was with Reuters, where he worked as a correspondent and an editor for various teams. He does not have any crypto holdings.