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.
Ripple, a major crypto company headquartered in San Francisco, has finally addressed the rumors surrounding its upcoming digital asset innovation, Ripple USD (RLUSD) stablecoin.
As the crypto payments and remittances provider remained tight-lipped about the innovation, the crypto space was abuzz with various types of news, opinions and insights, not all of which were based on solid information.
Hence, Ripple decided to make a public service announcement to set the record straight and definitively answer any questions regarding the stablecoin's launch.
In its latest post on social network X, the San Francisco-based company announced that Ripple USD (RLUSD) is still in private beta and, despite enthusiasts observing on-chain activity, it is not yet available.
In its statement, Ripple also cautioned the community against anyone claiming to be distributing the stablecoin and to follow the latest updates closely to remain vigilant against scams.
The on-chain activity that Ripple mentioned in its announcement pertains to recent mintings of the stablecoin. Over the last 48 hours, there have been reports of Ripple minting hundreds of thousands of RLUSD on-chain, with an estimated 800,000 coins minted, which constitutes 99% of the total initial supply. Furthermore, 125,000 RLUSD were sent to the Binance wallet. However, these are all test runs, as stated by Ripple in its latest announcement.
While the company is preparing for the launch, a controversy has emerged regarding RLUSD on XRP Ledger.
It was recently reported that the stablecoin's launch 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.
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