Palau to launch national stablecoin after ‘successful’ pilot

Digital currency will be pegged to US dollar and backed by finance ministry

Digital dollar GettyImages-1412212802

Palau has announced its digital currency will be a stablecoin. The ministry of finance said a “successful” three- month pilot, in partnership with US fintech firm Ripple, was completed in September. The long-term objective is to implement the stablecoin nationally, the ministry said in its report published December 7.

Palau is an archipelago of more than 200 volcanic and coral islands in Oceania with a population of 18,000. The former US territory became independent in 1994, but still uses the US

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