The digital payment network ePaymentNet has joined forces with the Republic of Palau in order to assist the Pacific island country develop its digital currency.

This is the initial focal point of the PartnerThe USD-backed digital currency will be developed to facilitate the country’s cross-border payments. The collaboration “could see the implementation of the world’s first government-backed national stablecoin in the first half of 2022” according to Ripple’s announcement.