As a seasoned researcher who has navigated the complex and ever-evolving world of cryptocurrencies for years, I find myself both intrigued and cautious regarding Ripple’s latest venture – Ripple USD (RLUSD) stablecoin. The silence from Ripple prior to this announcement allowed the crypto space to buzz with speculation, which often lacked substance.
In simple terms, the significant digital currency firm, Ripple from San Francisco, has ended its silence on their forthcoming digital asset development – the Ripple USD (RLUSD) stablecoin. While Ripple was tight-lipped about this innovation in the crypto world, various types of news, views, and insights surfaced, some of which were found to be light on content.
So, Ripple chose to publicly declare their intentions and address any queries related to their upcoming stablecoin, providing a definitive response on the matter.
On the popular social media platform X, the tech firm based in San Francisco clarified that Ripple USD (RLUSD) remains in its exclusive testing phase, known as private beta. Although some fans might observe transactions on the blockchain, this digital currency isn’t accessible to the public yet.
According to Ripple’s announcement, they advise the community to stay cautious about individuals who claim to distribute their stablecoin, and to regularly check for updates to avoid falling victim to fraudulent schemes.
⚠️ Important Notice: Ripple USD (RLUSD) is currently in a private testing phase. You might observe on-chain activity, but it’s not accessible to the public yet. Be cautious of anyone promoting or distributing #RLUSD.
Stay tuned for official announcements and remain vigilant against potential scams!
— Ripple (@Ripple) September 30, 2024
Ripple’s recent announcement highlights the on-chain actions associated with the creation of new units of its stablecoin, RLUSD. In the past 48 hours, there have been numerous reports suggesting that Ripple has minted around 800,000 RLUSD on the blockchain, which equates to almost all of the initial supply (99%). Furthermore, 125,000 RLUSD were transferred to Binance‘s digital wallet. Nevertheless, it is important to note that these activities are part of test phases, as Ripple clarified in its latest communication.
Ripple USD faces delay on XRPL
While the company is preparing for the launch, a controversy arose regarding RLUSD on XRP Ledger.
It has recently become known that the launch of the stablecoin on its de facto native blockchain will be limited in functionality due to the clawback feature, which prevents the stablecoin from being used in XRPL’s automated market maker.
At the same time, Ethereum as another platform for RLUSD does not face such issues.
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2024-09-30 18:34