• The President of Palau confirmed its partnership with Ripple to launch a stablecoin
• XRP’s day traders were spotted scrambling to make profit

In a recent interview with Bloomberg, the president of Palau Surangel Whipps Jr, confirmed the country’s plans to collaborate with Ripple toward launching a national stablecoin. 

Whipps Jr. stated the launch of a national stablecoin formed part of the country’s efforts toward building a digital economy. Additionally, the plan was also a as part of its strategy to expand the number of digital visitors to the country. 

Read Ripple’s [XRP] Price Prediction 2023-24

While many countries have launched their Central Bank Digital Currencies [CBDCs], Palau’s decision to go the stablecoin route was due to the Island’s lack of a central bank, Whipps Jr said. 

On why Palau has chosen to float a stablecoin, Whipps Jr. said,

“In developing our collaboration with Ripple, our goal is to have a USD-backed stablecoin, which is really a step toward our own Central Bank Digital Currency, you could say. We feel that this is important and it will help make Fiat on ramping easier. Our digital residents will also have banking access, and through Binance Pay options will make offering easier too. We really believe that they don’t compete, but they actually are symbiotic, and they can help each other and strengthen the crypto ecosystem.”

Day traders react

The news of the partnership led to a positive price rally for…