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The blockchain based payment settlement protocol, Ripple is likely to witness some crucial updates in near future. Recently it was reported to be working towards supporting a country’s stablecoin project. Ripple is said to be working with local teams in the Republic of Palau in order to develop a native stablecoin.
Ripple to Develop Stablecoin for Palau
Pseudonym Ripple and XRP news aggregator over Twitter, WrathofKahneman shared a screenshot of Palau President’s speech mentioning the initiative. It noted that the country took steps towards exploring the creation of ‘national stablecoin’ while collaborating with Ripple.
President of Republic of Palau Surangel S. Whipps Jr. reported to attend ‘Recovery and Resilience: Spotlight on ASEAN Business’ event held in Singapore in September. During the event he stated that the stablecoin would make it easier and secure local payments within the region.
Within several months, XRP Ledger (XRPL) was reported to indulge in developing several stablecoin projects. However, there is no update on the stablecoin project in the Western Pacific region’s island country.
Efforts to Sustain and Stay Relevant
Earlier a Ripple insider Matt Hamillton revealed Ripple’s XRP Ledger (XRPL) is working towards developing smart contract capabilities. The statement came in response to a Twitter user’s claim stating that ‘XRP has no use case.’
Hamilton said that Ripple’s native cryptocurrency XRP facilitates international payments, non-fungible tokens (NFTs) and web monetization like features along with many others.
RippleNet and On-Demand Liquidity (ODL) like specifications are also helping the protocol to expand its reach and gain validation.
Ripple announced last months that crypto based settlement solution On-Demand Liquidity has seen significant growth during the ongoing year. In addition, lots of countries were said to support the payment solution including Africa, Australia, Brazil, Israel, Argentina, Singapore, Belgium, the United Arab Emirates and the United Kingdom.
Chief Technology Officer David Schwartz said in November that XRPL is already leveraging minting of many NFTs over the platform.
Hamilton cites the NFT functionality of XRPL as a potential building block for developing smart contracts compatibility.
XRPL developers also highlighted the glimpse of smart contract development over XRP Ledger in a blog post a couple of months ago.
Ripple to Compete SWIFT’s Dominance
Both Ripple and SWIFT are prominent within the payment settlement space. The Society for Worldwide Interbank Financial Telecom (SWIFT) network is seeking to increase its supremacy. It was reported to make up to 500 banking institutions across 120 countries to join Swift Go intending to facilitate low cost cross-border payment and remittance settlements.
In contrast, the smart contract capabilities, RippleNet and ODL technologies are Ripple’s counter to maintain its relevance within the space.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
