CandleFocus Ripple Issues New Warning About Its Stablecoin: Here are Details
2024-10-01
Author: Content Editor
Leading blockchain payments company Ripple has released a public service announcement (PSA) confirming that its stablecoin, Ripple USD (RLUSD), is still in private beta and not yet available for public use. The company warns users to beware of scammers and emphasizes that any claims of RLUSD distribution are likely scams. There has been speculation about the stablecoin's launch, with some members of the XRP community suggesting that Ripple may have minted 80-100% of the stablecoin's supply. Scam-related activities have also increased, with scammers commenting under the RLUSD tracker and claiming that distribution has commenced. Ripple has dispelled these claims and reiterated that RLUSD is not yet available. One community member, Vet, speculated that RLUSD could launch only on Ethereum this year, as the stablecoin's clawback feature might prevent usage within the XRP Ledger's automated market maker. Meanwhile, more RLUSD tokens continue to be minted on Ethereum and XRPL, with Ripple recently minting 600,000 RLUSD tokens in the past 10 hours.
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