Ripple, a major crypto company based in San Francisco, has finally broken its silence regarding its upcoming digital asset innovation - Ripple USD, or RLUSD stablecoin. As the crypto payments and remittances provider remained silent about the innovation, the crypto space began to be filled with different types of news, opinions and insights, many of which lacked substance.
That is why Ripple decided to make a public announcement to clear the air and answer all relevant questions about the launch of the stablecoin once and for all.
Gamza KhanzadaevIn its latest post on social network X, the San Francisco-based company explained that Ripple USD (RLUSD) is still in private beta, and while enthusiasts may be seeing on-chain activity, it is not yet available.
In its statement, Ripple also warned the community to be wary of anyone claiming to be distributing the stablecoin and to keep an eye out for the latest updates to remain vigilant against scams.
The on-chain activity Ripple mentioned in its announcement relates to the stablecoin's recent mintings. The last 48 hours have been filled with reports of Ripple minting hundreds of thousands of RLUSD on-chain, with approximately 800,000 coins minted, which is 99% of the total initial supply. In addition, 125,000 RLUSD were sent to the Binance wallet. However, these are all test runs, as Ripple stated in its latest announcement.
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.
Tomiwabold Olajide
Arman Shirinyan
Dan Burgin
Vladislav Sopov
U.Today Editorial Team