Having won an important victory against the SEC in the SEC-XRP lawsuit, Ripple continues to forge new partnerships.
At this point, Ripple signed a stablecoin agreement with Palau, an island country in the Pacific.
As The Block reports, the Palau government has partnered with Ripple to pilot a US dollar-backed stablecoin.
The new stablecoin will be released on XRP Ledger.
In the statement, it was stated that the first Palau Stablecoins (PSC) in the pilot project will be made available to government employees.
Palau President Surangel Whipps Jr made the following statements in his statement:
“Partnering with Ripple to help create our national digital currency is part of our commitment to lead financial innovation and technologies that will bring greater financial access to the citizens of Palau.
The PSC will be deployed on the XRP Ledger (XRPL) using Ripple's Central Bank Digital Currency (CBDC) Platform. “
Palau finance minister Jay Hunter Anson also introduced PSC by posting about Palau Stablecoin (PSC) on Twitter.
Republic of Palau 🇵🇼 Stablecoin (PSC) Pilot Project FAQ
🇺🇸 1. What is the Palau Stablecoin (PSC)?
A stablecoin is a token that is fixed in value to another asset. The Palau Stablecoin (PSC) is a digital asset fixed in value to the U.S. Dollar. It can be used just like you use… pic.twitter.com/x0aVl1Vfew
— Jay Hunter Anson (@JHX_1138) July 26, 2023
Ripple is currently working with more than 20 governments around the world on CBDC projects.
*Not investment advice.
