Prominent blockchain payments startup Ripple has released a new public service notice (PSA) informing the wider audience that Ripple USD (RLUSD), its stablecoin, is still in private beta.
Although network users have observed some intriguing on-chain activities about RLUSD, Ripple pointed out that the stablecoin is not yet accessible to the general public. The firm stressed that any claims of RLUSD distribution are probably hoaxes and advised users to be cautious of scammers. Ripple also advised cryptocurrency users to be alert for official updates and be cautious of any scams.
Community Speculation About Stablecoin
Amidst escalating rumors about the stablecoin, Ripple has released a new statement regarding RLUSD. Since the start of the private beta test on August 9, Ripple has minted some RLUSD coins on the Ethereum and XRP Ledger (XRPL) networks.
It’s interesting to note that XRP users saw the creation of almost 1.7 million RLUSD in just five days. These tokens were distributed throughout 14 transactions on Ethereum and XRPL.
Several community members conjectured that Ripple might have minted 80–100% of the stablecoin’s supply during the spike in RLUSD minting. After renowned community member and XRPL dUNL validator Vet tweeted that Ripple minted 99% of RLUSD’s supply in a single day, the rumors gathered momentum. Vet’s remark sparked rumors that the firm might be getting ready to launch the stablecoin on the mainnet.
XRP Scam Grows as RLUSD Launch Date Approach
As speculation over the stablecoin’s introduction grows, scam-related activities have also increased. Vet alerted the XRP community to the fact that con artists have been using comments on the RLUSD tracker—which offers information on every RLUSD mint—to defraud gullible investors.
A sample of this malicious message, which announced the phony launch of the “XRP Rewards Event,” was shared by the validator. To prevent becoming victims, Vet urged users not to click on links found in the tracker’s comment section.
In addition to this issue, some dishonest individuals have stated that RLUSD distribution has started in an attempt to defraud others of their money. However, Ripple has debunked these misleading assertions, highlighting that RLUSD is not yet accessible for public use.
Ripple Mints 2.3 Million RLUSD in One Week
In the meantime, network participants have observed the minting of extra RLUSD tokens hours after Ripple issued its public service announcement. Data from Ripple Stablecoin Tracker shows that 600,000 RLUSD tokens have been created by Ripple in the last ten hours.
On the Ethereum blockchain, there were five transactions involved in the most recent mint exercise. Ultimately, Ripple has succeeded in minting 2,311,030 (2.31 million) RLUSD on Ethereum and XRPL in just one week.
Conclusion
Ripple’s public service announcement (PSA) about its stablecoin, RLUSD, highlights the company’s effort to maintain transparency while combating rising scams surrounding its private beta. By emphasizing that RLUSD is still not publicly available and any distribution claims are fraudulent, Ripple aims to protect its community from con artists exploiting the hype around the stablecoin’s launch.
Despite the excitement over RLUSD’s on-chain activity and the speculation about its full release, the company is urging caution and vigilance, especially given the increase in scams targeting uninformed investors. The minting of over 2.3 million RLUSD tokens in just a week shows the stablecoin’s progress, but the public should wait for official updates before engaging in any RLUSD-related activities.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.