Ripple Issues Major Warning as RLUSD Stablecoin Launch Nears

• Ripple has warned users to beware of scams as RLUSD is still in its private beta phase and not yet publicly available.
• The launch of RLUSD on the XRP Ledger faces delays, but it may see smoother progress on Ethereum.

After Ripple minted 99% of the RLUSD Stablecoin supply, CNF highlighted the signaling of an imminent launch in the stablecoin market. As of today, the San Francisco-based crypto giant, Ripple, has finally spoken out about its much-anticipated digital asset, Ripple USD (RLUSD), after weeks of silence that allowed widespread speculation in the crypto community.

Furthermore, various unverified reports and opinions began circulating, leading to confusion regarding the stablecoin’s launch. Ripple has now released an official statement, clarifying the current status of RLUSD and addressing community concerns.

In a recent post on the X official account, Ripple confirmed that RLUSD is still in its private beta phase. The company acknowledged that while there has been on-chain activity, the stablecoin is not yet available to the public.

PSA: Ripple USD (RLUSD) is still in private beta, and while you may see on-chain activity, it’s not available yet. Beware of anyone claiming to distribute #RLUSD.

Keep an eye out for the latest updates, and stay vigilant against scams! https://t.co/P1scOUchWz

— Ripple (@Ripple) September 30, 2024

Ripple also warned users to be cautious of any claims about the distribution of RLUSD, emphasizing that these are test runs and the public should stay vigilant against scams.

Minting and Delays: What’s Happening Behind the Scenes?

As CNF also updated by the end of September, XRPL has announced two major amendments (“fixEmptyDID” and “fixPreviousTxnID”) to expand its use cases and position it for market domination. Recent reports have also revealed significant on-chain activity involving RLUSD, with Ripple minting around 800,000 tokens—representing 99% of the initial supply. Additionally, 125,000 RLUSD were transferred to Binance, though Ripple clarified that these were all part of testing ahead of the official release.

Despite these developments, the stablecoin’s launch on its native XRP Ledger (XRPL) faces delays due to functionality issues related to the clawback feature, which limits its use in XRPL’s automated market maker.

According to CoinMarketCap data today, Ripple (XRP) is trading at $0.6208 with a decrease of 3.40% in the past day and an increase of 5.82% in the past week. See the XRP price chart below.

To this end, while RLUSD may encounter hurdles on the XRPL, it faces no such problems on Ethereum, where the stablecoin could potentially gain more traction. Ripple’s announcement has helped clear the uncertainty, but the crypto community is still waiting for more updates on the stablecoin’s official release and functionality.

Recommended for you:

[thrive_leads id=”228374″]