A crypto expert shared the information that Ripple has created a stablecoin for the Republic of Palau.
An anonymous crypto expert named @Wkahneman, who is known for his information on Ripple and XRP on Twitter, claimed that the blockchain company has created a stablecoin for the island nation located in the Western Pacific region.
Ripple Creates Stablecoin for Island Nation
The expert noted that the country is working with Ripple Labs to create a national stablecoin.
The expert released a screenshot with a quote from the country’s president, Surangel S. Whipps Jr.
According to the quote, the country’s president hopes that this stablecoin created together with Ripple will allow the country to make local payments easily and securely. This talk took place during an event in Singapore in September. It has been stated that several stablecoins have been developed since then. Despite this, Palau’s national stablecoin has yet to be released.
However, the SWIFT system, which competes with Ripple, has also signed agreements with more than 500 banks in 120 countries to join the Swift Go platform for cross-border payments and remittances.