Some countries are looking to jump on the crypto bandwagon and are mulling the creation of national stablecoins, despite occasional setbacks, such as the bankruptcies and arrests among some of its previously prominent players.

One of the governments eyeing this endeavor is that of the Republic of Palau, with its president Surangel S. Whipps Jr. stating that the country’s IT team was actively working with blockchain company Ripple Labs, exploring the possibility of launching a “national stablecoin”. As the president added:“Palau is also taking a step in collaborating with Ripple to explore the creation of national stablecoin, which we hope to launch soon, and which will help make payments easy and secure.”

Discussing Palau’s digital asset strategy, the president of the archipelago of over 500 islands, which is a part of the Micronesia region in the western Pacific Ocean, explained that such a small country had to diversify its economy, look at ways in which it could be more innovative, and “take advantage of new technologies,” referring to the passing of the Digital Residency Act as one of the examples of these efforts.