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Fake Ripple Stablecoin Surfaces, Targeting XRP Ledger Users

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XRP's Centralization Hurdles Impact ETF Approval Chances

Scammers are deploying a fake Ripple USD (RLUSD) token on the XRP Ledger to exploit the anticipation surrounding Ripple’s upcoming launch. This fake token aims to deceive users into believing it’s the real deal. However, the XRP community has issued a warning: the official RLUSD launch hasn’t happened yet. Ripple expects its release sometime later in 2024.

Fake Transactions and Trust Lines

Some reports mistakenly claimed the existence of 1 billion RLUSD tokens based on data from blockchain explorers. However, that’s not true. An XRPL account linked to the scam shows a flurry of recent transactions involving fake RLUSD tokens and trust lines for large amounts.

Avoiding the Ripple Stablecoin Scam

Renowned XRP community member Krippenreiter offered valuable tips to avoid falling victim to this scam. Here’s what users need to do:

  • Check Issuer History: Utilize an XRPL explorer to examine the issuer’s “r-address.” Look for a history connected to established Ripple accounts.
  • Trust Official Announcements Only: Only trust announcements regarding RLUSD that come directly from Ripple’s website or RippleX.
  • Follow Best Practices: Authentic RLUSD will adhere to established XRPL standards. Look for details on secure wallet management (xrpl.org). Genuine issuers will likely utilize “Require Auth” settings for authorized trust lines.
  • Multi-Signature Security: A legitimate issuer will likely employ multi-signature security setups for enhanced protection.

Read Also: Ripple on the Rise: Bullish Signs Emerge Amidst Market Volatility

Ripple Working on Stablecoin Launch

The news is confirmed: Ripple is indeed developing a stablecoin. During the XRP Las Vegas conference, Ripple President Monica Long hinted at a potential release later this year. While details remain under wraps, the crypto community is buzzing about a possible year-end launch.

The proposed stablecoin will be pegged 1:1 to the US dollar. It will achieve this stability through a combination of deposits, government bonds, and other low-risk investments. Consequently, tis could potentially offer an alternative to existing options like Tether and Circle.

XRP Community Excited About Stablecoin

News of the stablecoin’s development has been met with enthusiasm from the XRP community. Moreso, the expectation is that it will expand use cases, improve liquidity, and create new opportunities for developers and users alike.

Ripple CEO Bullish on Crypto Future

Ripple CEO Brad Garlinghouse recently added fuel to the fire. He believes a multi-crypto ETF is “inevitable” and predicts similar offerings for other cryptocurrencies. Finally, e’s optimistic about the market reaching a $5 trillion valuation, fueled by these ETF approvals.

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