Ripple is now working in collaboration with the Island Nation!

The government of Palau has reached a consensus with Ripple about the Palau Stablecoin (PSC) pilot project, which will be backed by the US dollar.

Ripple is proceeding with the formation of new partnerships despite having just achieved a significant win in a legal dispute with the SEC over XRP.

At this moment, Ripple inked a deal with Palau, an island nation located in the Pacific, regarding the creation of a stablecoin.

According to The Block’s reporting, the government of Palau has entered into a partnership with Ripple to test out a dollar-backed stablecoin.

On XRP Ledger, the launch of the new stablecoin will take place. In the release, it was announced that government personnel would be given access to the first Palau Stablecoins (PSC) that will be issued as part of the pilot project.

During his remarks, the President of Palau, Surangel Whipps Jr., made the following statements: “We are committed to being at the forefront of financial innovation and technologies that will provide financial access for the people of Palau, and our partnership with Ripple to help build our national digital currency is a big step in that direction.

Ripple’s Central Bank Digital Currency (CBDC) Platform will be used in the deployment of the PSC, which will take place on the XRP Ledger (XRPL).

Jay Hunter Anson, the Minister of Finance for the Republic of Palau, was also a part of the PSC launch by tweeting about the Palau Stablecoin (PSC).

Also Read: Congress Republican Calls For Prohibition Of Central Bank Digital Currencies