Ripple Stablecoin Is Not Launched Yet, Warns XRP Community

Scammers have begun to exploit the hype around Ripple's anticipated stablecoin launch, circulating a counterfeit Ripple USD (RLUSD) token on the XRP Ledger (XRPL).

As anticipation builds for the launch of Ripple’s stablecoin, several counterfeit Ripple USD (RLUSD) tokens have been detected circulating on the XRP Ledger (XRPL). These fraudulent activities have emerged ahead of the official release of RLUSD, which is expected to join the ranks of Tether and Circle in the stablecoin market. Ripple President Monica Long had previously indicated a later 2024 launch for the stablecoin, following its initial announcement in April this year.

However, Krippenreiter, a prominent member of the XRP community, took to the social media platform X to highlight the urgency of the situation. “There are several reposts circulating that promote the early issuance of RLUSD, which is NOT true. I also found an AMM pool that had already attracted a few victims.” He also provided detailed instructions for users to identify authentic RLUSD tokens on the XRPL.

To aid users in verifying the authenticity of RLUSD tokens, Krippenreiter suggested several methods:

XRPL Labs founder Wietse Wind also expressed concern about the deceptive tokens. “I’m seeing the first screenshots from people believing RLUSD has already been issued on the XRP Ledger. It has NOT been issued. These are fake tokens issued by scammers trying to sell worthless assets on the DEX or through AMM. Do not engage,” he stated in a post on X.

Mayukha Vadari, Senior Software Engineer at RippleX, confirmed that Ripple has not yet launched its RLUSD stablecoin. Regarding the criticism of the company’s early announcements about the stablecoin, Vadari stated, “IMO you have to balance it out with telling people what to expect – you’ll have the scam risk regardless, even post-launch, or pre-announcement with guesses of what the ticker will be.”

Vet, the operator of the XRP Ledger dUNL, issued further warnings and emphasized the need for vigilance. “Scammers are taking advantage of you if you don’t stay vigilant,” Vet stated on X. He also advised users that only the issuer account is unique and to ensure that the product is directly offered by Ripple to avoid scams.

Meanwhile, XRP was trading at $0.50 at press time.

News source：https://www.kdj.com/cryptocurrencies-news/articles/ripple-stablecoin-launched-warns-xrp-community.html

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