Ripple’s XRP gained upwards of 6% in the last week up to December 27, following the announcement that the blockchain was working with Micronesia island nation Palau on a stablecoin project. During a cryptocurrency conference held in Singapore, the President of the Western Pacific nation, Surangel Whipps Jr., said his country was involved in various crypto projects, including a government-issued stablecoin in collaboration with Ripple.

“Palau is also taking a step in collaborating with Ripple to explore the creation of national stablecoin, which we hope to launch soon and help make payments easy and secure”. Whipps added that Palau was also in talks with Binance to launch a “digital residency country in the country.“