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Palau Stablecoin: Island Nation Goes Digital With Help From Ripple Labs

Palau, the tiny Pacific island nation is on an aggressive campaign to establish the official adoption and acceptance of cryptocurrency.

According to Republic of Palau President Surangel S. Whipps Jr., the country’s information technology engineers have been proactively exploring the potential of developing a national stablecoin with blockchain company Ripple Labs.

The president has pushed the implementation of a stablecoin as a method to improve the quality of life for Palauans and diversify the economy away from tourism, which before the COVID-19 health crisis accounted for around 50% of the archipelago’s gross domestic product.

(By Christian Encila)

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