Palau Stablecoin
Proof of conceptRepublic of Palau
Announcement Year
2021
Status
Proof of concept
Retail/Wholesale
Others
Technology Provider
Ripple
Technology
XRPL
DLT / non-DLT
DLT
Surangel Whipps Jr., President of Palau, mentioned since Palau does not have an established central bank and uses USD as its currency, their goal is to have a USD-backed stablecoin, which is really a step toward a CBDC, Surangel Whipps Jr. suggests.
** This is a GovCoin and not a CBDC as Palau doesn't have a Central Bank** Focus on developing strategies for cross-border payments and a USD-backed digital currency for Palau. This could see the implementation of the world's first government-backed national stablecoin in the first half of 2022 for which Ripple would provide Palau with technical, business, design and policy support
Link to announcement
Last update: August 2024
August 2024
Link to announcement: www.palaugov.pw
December 2023
Link to announcement: www.palaugov.pw
Link to announcement: twitter.com
July 2023
DLT / non-DLT: DLT
Technology: XRP Ledger → XRPL
Link to announcement: bitcoinist.com
Research → Proof of concept
Link to announcement: www.businesswire.comwww.palaugov.pw
December 2022
Main motivation/goals of the CBDC: Surangel Whipps Jr., President of Palau, mentioned since Palau does not have an established central bank and uses USD as its currency, their goal is to have a USD-backed stablecoin, which is really a step toward a CBDC, Surangel Whipps Jr. suggests.
Link to announcement: bizzabo.engage-live.co.uk
November 2021
None → Research
Announcement Year: 2021
Retail/Wholesale: Others
Technology Provider: Ripple
Technology: XRP Ledger
Description: ** This is a GovCoin and not a CBDC as Palau doesn't have a Central Bank** Focus on developing strategies for cross-border payments and a USD-backed digital currency for Palau. This could see the implementation of the world's first government-backed national stablecoin in the first half of 2022 for which Ripple would provide Palau with technical, business, design and policy support
Link to announcement: ripple.com
Country / Region: Republic of Palau
Central Bank(s):
No recent news found for this currency.