As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous developments that have reshaped the industry landscape. The recent news about Ripple’s RLUSD stablecoin and its potential integration with Automated Market Makers (AMMs) on the XRP Ledger is one such development that has piqued my interest.
TL;DR
- The XRP Ledger has undergone a code review to enable RLUSD integration with Automated Market Makers (AMMs), with further updates pending.
Ripple recently warned users to be cautious of scams, as the stablecoin is not yet publicly launched.
The Latest RLUSD Development
This April, Ripple announced plans to launch a stablecoin that would be directly linked to the U.S. dollar. This revelation generated significant buzz within the XRP community, as many were curious about the specific details and intended uses of this new product.
At present, here’s what we know: The new platform, referred to as RLUSD, is expected to debut on both the XRP Ledger (XRPL) and Ethereum. Previously, Ripple’s CEO, Brad Garlinghouse, hinted that this could potentially act as a liaison, connecting the realm of cryptocurrencies with traditional finance.
For the last few weeks, our team has been creating and destroying numerous RLUSD tokens during the private testing phase of the beta stage.
Most recently, the popular community figure Vet said the XRP Ledger amendment to allow (clawback) tokens like the upcoming stablecoin to be employed in the AMM (Automated market makers) “went through the code review.” The user maintained that the next step involves “some cosmetics and merge into a new rippled release for validators to vote on.”
The announcement has sparked fresh discussions about whether RLUSD could potentially be operational already. However, it’s important to note that the product has not yet been introduced to the public, as clarified by Vet regarding its current status:
The token is heading towards the XRPL, but the exact timing depends on Ripple since it’s their token. Once they decide to launch, we can definitely anticipate comprehensive public communication about it.
The Warning
Recently, Ripple’s team has warned users about a potential scam involving RLUSD. They emphasized that RLUSD is still in its beta testing phase and urged caution when encountering suspicious individuals who may claim otherwise.
⚠️ Important Notice: Ripple USD (RLUSD) is currently under private development and has not been released publicly yet. Even though you might observe on-chain transactions, don’t be misled by individuals offering distribution of #RLUSD.
Keep an eye out for the latest updates, and stay vigilant against scams!
— Ripple (@Ripple) September 30, 2024
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2024-10-10 02:50