An alert has been raised regarding the upcoming launch of Ripple’s stablecoin, RLUSD, as scammers are already attempting to take advantage of unsuspecting individuals. Despite the official stablecoin not being released yet, fake tokens are circulating on the XRP Ledger, aiming to deceive users.
In a cautionary post, users are urged to stay vigilant against potential fraud. The official stablecoin, $RLUSD, has not been issued yet, and it is essential to wait for official announcements from Ripple and RippleXDev. Scammers are actively exploiting the situation, trying to swindle users out of their money.
Scammers are pushing fake RLUSD tokens, hoping to sell worthless assets on decentralized exchanges and automated market makers. A screenshot shared by Validator VET showcases one such scammer promoting a counterfeit RLUSD token.
Despite facing regulatory challenges from the SEC, Ripple CEO Brad Garlinghouse remains confident in the future success of RLUSD. In a recent interview on CNBC, Garlinghouse highlighted the immense growth potential of stablecoins, predicting a market value increase from $150 billion to between $2 trillion and $3 trillion in the near future.
RLUSD, which will be pegged 1:1 to the US dollar, aims to streamline transactions between stablecoins and other digital currencies. Garlinghouse sees this as a significant opportunity for Ripple to establish a strong presence in the stablecoin ecosystem.
Disclaimer: The opinions expressed in this article are for informational purposes only and should not be construed as financial advice. Investing in cryptocurrencies carries inherent risks of financial loss.
In other news, Ripple announces an integration with Axelar to enhance interoperability with the XRPL EVM Sidechain, marking a positive development in the ongoing Ripple vs SEC case.