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Palau adopts XRP-based stablecoin project following successful pilot

The Republic of Palau has launched its native stablecoin project on the public XRP Ledger (XRPL), with the stablecoin now live following a successful pilot program involving 200 citizens. The stablecoin project offers faster, more cost-effective, and secure transactions compared to traditional approaches, and Palauan residents can now use their mobile devices to buy goods from participating stores or engage in local transactions using the currency. The project emerged through a strategic collaboration between Palau and Ripple, with Ripple providing comprehensive assistance in multiple domains, including technical support for the development of the stablecoin on the XRP Ledger infrastructure. While the value report initially stated that the stablecoin runs on a private version of the XRPL, Ripple's CBDC Strategic Advisor clarified that it is built on the public XRP Ledger.

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