The solution will allow the UAE to offer cross-border payment services, including Ripple Payments Direct (RPD), company representatives said.
The RippleNet ecosystem uses distributed ledger technology and is designed to work with banks and financial institutions as an alternative system for moving money around the world.
In August, the Ministry of Finance of the Republic of Palau and the administration of Ripple Labs announced the completion of the first phase of a joint government payments project. The project provides for the integration of its own stablecoin, Palau Stablecoin, into the payment ecosystem of the island state.
Source: Bits
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