Analyst Clarifies Rumors Around Ripple’s RLUSD Stablecoin

Ripple’s highly anticipated stablecoin RLUSD, has generated a significant buzz within the XRP community which has given spark to a few speculations about its development. Prominent community figure WrathofKahneman has stepped in to address the rumours, emphasizing that RLUSD is still in beta testing and has not been officially released. 

Now hype accounts claiming 80% in 24 hours…
uh, Ripple mints 100% of the #RLUSD. 😅
It is still not released.
We don’t have formal reserve attestations.
We can’t say if it’s a test or not
It’s not on the market.
It’ll get there, but as the saying goes, “cool your jets”

— WrathofKahneman (@WKahneman) September 29, 2024

Ripple’s Stablecoin (RLUSD) Journey So Far

According to the reports from the Ripple Stablecoin Tracker, a substantial volume of RLUSD token has been minted, with the total supply reaching 1,711,030 tokens across 14 transactions. The largest single issuance occurred on September 29, with 480,000 RLUSD tokens issued on the XRP Ledger (XRPL). 

Despite the speculation, WrathofKahneman reassured the community that RLUSD will eventually be released to the market, urging patience and caution against spreading misinformation. “RLUSD is still in beta testing, and there’s no formal reserve attestation available.” WrathofKahneman stated. He also asked the community members to avoid spreading unnecessary hype and focus on verified information only.

The XRP community remains optimistic about RLUSD’s potential impact on XRP’s price. Some speculate that if XRP matches RLUSD’s pegged value of $1, it could lead to unprecedented gains. 

Ripple’s stablecoin is expected to enhance the company’s presence in the digital asset space, providing a reliable and scalable solution for cross-border transactions. As Ripple navigates its beta testing phase, the community eagerly awaits further developments and official announcements.

Also Read: Ripple’s RLUSD Under Attack! Beware of Fake Airdrops Scams