Ripple Reported to Be Building National Stablecoin for Republic of Palau

Dec 24,2022
Ripple Reported to Be Building National Stablecoin for Republic of Palau

On Twitter, @ Wkahneman, an authoritative expert on secret name data encryption, often published various kinds of information about Ripple and XRP. He shared on Twitter that Ripple might create a national stable currency for the southwestern Pacific island Republic of Palau.

This authoritative expert released a screenshot, in which he cited the words of Surangel S. Whips Jr., the president of the host country. He pointed out that the IT elite team of the host country had cooperated with Ripple Labs to create a "national stable currency" for the host country.

The President said that he hoped that the stable currency created with Ripple could enable the country to make local payments easily and quickly. The speech was held in Singapore in the middle and late September during the "Recovery and Extendability: Focusing on Business Services of ASEAN Countries". Since then, it has been reported that several stable coins, including Stably, have been developed and designed on XRP Ledger. However, Palau's national stable currency has not been released.

As mentioned above, Ripple's key competitor SWIFT bank transfer system software has signed contracts with most of 500 banks in 120 countries to add SWIFT Go platform to carry out low value cross-border payment platform and money transfer.

Therefore, SWIFT is competing with the blockchain technology decacon Ripple in the market at a deeper level. The latter is diligently applying RippleNet and ODL technology to reduce costs and make rapid payments in international marketing promotion.