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.

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 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.

In this Panel, the President of Palau spoke of working w/ #Ripple on a “national stablecoin.” Of particular interest is the Digital Residency act which has attracted crypto luminaries like CZ & Vitalik . They are looking to become an offshore haven. https://t.co/b42vgxIu26 pic.twitter.com/ZLuoxY7Lao

— WrathofKahneman (@WKahneman) December 23, 2022

As reported by U.Today 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 remittances.

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.