BitRss.com latest World Crypto News

Search and discover the latest Cryptocurrency updated Stories in Categories

24-7 World Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources

Palau partners Ripple on national stablecoin using XRP Ledger

Palau partners Ripple on national stablecoin using XRP Ledger
The Pacific island nation of Palau has partnered with San Francisco-based blockchain payments company Ripple on a U.S. dollar-backed digital currency for the country — the world’s first government-based national stablecoin — using the XRP Ledger, according to a Ripple announcement .



Fast facts



Ripple will provide Palau with technical, business, design and policy support for Palau’s national stablecoin. “Palau chose Ripple because of its extensive experience in blockchain and building global payment systems, and the XRP Ledger because it’s carbon-neutral and 120,000x more energy-efficient than proof-of-work blockchains,” said Ripple in its announcement.



“As part of our commitment to lead in financial innovation and technologies, we are delighted to partner with Ripple,” said Surangel S. Whipps Jr., president of Palau. “The first phase of the partnership will focus on a cross-border payments strategy and exploring options to create a national digital currency, providing the citizens of Palau with greater financial access.”



A U.S. dollar-backed stablecoin and related use cases — such as a corporate registry — on the XRP Ledger could be an alternative to central bank digital currencies (CBDCs), Ripple said.



Palau, a group of over 300 islands in the Micronesia region of the western Pacific Ocean, is renowned for its beautiful island scenery. The country has a population of 22,000 and GDP of US$268 million, according to World Bank data .



Ripple’s latest partnership with Palau comes amid its legal troubles in the United States where it is deeply embroiled in a lawsuit with the U.S. Securities and Exchange Commission over an alleged unregistered securities offering of XRP worth over US$1.38 billion. Following the lawsuit, which saw U.S.-based cryptocurrency exchanges and partners such as MoneyGram suspend XRP trading and cease their partnerships , the company has expanded its business for the XRP Ledger technology not just outside the U.S. but also beyond  digital payments  and remittances to  central bank digital currencies  (CBDCs) including with Bhutan, tokenization,  decentralized finance (DeFi) and NFTs .



XRP, the native token of the XRP Ledger, is currently ranked the seventh-largest cryptocurrency with a market value of US$49 billion, according to CoinGecko data .



See related article: Ripple to launch ‘game-changer’ liquidity hub amid XRP legal battles with SEC

BitRss.com shares this Contents always with License.

Thank you for Share!

   
Tumblr
LinkedIn
Reddit
VK

WhatsApp
Telegram

Cool to know huh? Read the full Article

Read the full Article:  ⭲ Palau partners Ripple on national stablecoin using XRP Ledger


Search about Crypto News


BITRSS | CRYPTOCURRENCY WORLD NEWS

The latest Top News, only from Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed BitRss.com simple and intuitive, usable by all Devices, fast and effective.


| LEARN MORE ABOUT |

Today Most Popular News