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Ripple Reported To Be Building National Stablecoin For Republic Of Palau
An anonymous crypto expert under the name @Wkahneman on Twitter, who often posts various news about Ripple and XRP, has taken to Twitter to share that Ripple is likely building a national stablecoin for the Republic of Palau — an island country in the Western Pacific region.
Himanshu S.
7:18 26th Dec, 2022
Altcoins

The expert published a screenshot with a quote from the president of the country, Surangel S. Whipps Jr., who stated that the country's IT teams are working with Ripple Labs giant to building a "national stablecoin" for the country.

The President Surangel Whipps, Jr. stated that he hopes this stablecoin, built together with Ripple, will allow the country to make local payments easily and securely. The speech took place in Singapore during the event Recovery and Resilience: Spotlight on Asean Business in mid-September. Since then, several stablecoins have been reportedly developed on XRP Ledger, including that of Stably. However, the national stablecoin of Palau has not been launched yet.

As reported earlier, major Ripple competitor SWIFT bank transfer system has signed over 500 banks in 120 countries to join the Swift Go platform for low-value cross-border payments and remittance

Thus, SWIFT is getting into a deeper rivalry with blockchain decacorn Ripple, which is striving to spread low cost and fast payments around the globe using RippleNet and its ODL technology.

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