The Archipelago of Palau has partnered with Ripple to develop its own national steiblocoin.
According to President Surangel Whipps, the initiative will provide simple and secure digital payments and help develop the region’s digital identity.
Palau does not have an established central bank, so the state simply uses the U.S. dollar as its official currency.
Palau will also be issuing digital passports for its residents in the form of NFTs, which will be issued on the BNB Chain.
President Whipps said he is communicating with Changpeng Zhao and Vitalik Buterin to develop these initiatives.