Palau is hoping to launch soon the creation of the stablecoin with Ripple, President Surangel Whipps Jr said.

Whipps who spoke with Bloomberg said that Palau in its quest to diversify its economy is looking at ways to be innovative and take advantage of new technologies.

He said by coordinating with Ripple “will help make our payments easy and secure.”

Last year, Palau announced that it is partnering up with Ripple on a U.S. dollar-backed digital currency for the country using the XRP Ledger. 

Whipps said the purchase of goods in shops with their phones will cut transaction times with bank transactions.

The president in the same Bloomberg interview also highlighted that the country is gaining recognition from leaders in the blockchain industry, like Binance, and discussed with Palau can collaborate on the digital residency program as well as make use of Binance pay to make digital payments for digital residents, but also participate in local commerce.

“One of the advantages that we have is we’re small and hopefully we can mobilize our government and be more adaptive to the changes that need to be made in this fast-changing environment,” he noted.

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