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The Republic of Palau and Ripple partner up to create national stablecoin

Palau, a small Republic composed of more than 500 islands in the Pacific Ocean, with a little over 20,000 inhabitants, has passed earlier this year a Digital Residency Act, enabling the global community to receive a digital identity from Palau. The aim is to diversify the archipelago’s economy, as it faced struggles during the pandemic. According to President Whipps Jr., Palau is also currently entering a partnership with Ripple to issue a national stablecoin, to « help make payments easy and secure », which will further take the small country into the Web3 industry.

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