There has been significant discussion over the nature of the partnership between American blockchain payments company Ripple Labs Inc. and the Republic of Palau, with the media making inaccurate assumptions about its size. The director of Palau’s digital residency office, Jay Hunter Anson, posted on the X app that the stablecoin trial programme was only a short-term endeavour that would soon come to an end.
The assertion that Palau is “looking forward to continuing its partnership with Ripple using the XRPL to refine our Stablecoin solution design” is untrue, according to Jay. He continued by confirming that the stablecoin project was only supposed to endure for 60 days until a 30-day extension was offered to concentrate on the additional use cases that were found during the pilot.
More people were able to participate in the experiment thanks to the pilot’s expansion, helping to meet national demand. Jay Hunter stated that the team would now gather information obtained from the trials and submit its findings to the government’s top officials.
The managers of the pilot project will advise the government on the following stages, which will also contain specifications for a comprehensive production programme. From his remarks, it is incorrect to draw any conclusions about Ripple’s future function just now.
Ripple hitting it off with various countries
One of the most innovative payment and cross-border settlement solutions in the current global digital economy is provided by Ripple Labs. Bhutan has joined the list of countries that the business has helped with its Central Bank Digital Currency (CBDC) solutions.
Ripple’s appeal extends beyond its technology to include its commitment to sustainability, which highlights how nations may work together to accomplish various objectives.
