The beta testing of the Ripple stablecoin Ripple USD (RLUSD) on Ethereum and the XRP Ledger (XRPL) is showing progress.
Notably, Ripple issued 185 RLUSD at 21:38 UTC as part of the beta testing, causing a stir among community members. This marked the first instance of an official issuance from Ripple during the beta testing.
Ripple just issued 185 #RLUSD ! https://t.co/5x36laVRD1 pic.twitter.com/3Iv7T4lPmG
— Vet 🏴☠️ (@Vet_X0) August 21, 2024
Following the transaction, questions were raised about transaction fees and the role XRP would play in relation to RLUSD. Vet responded by emphasizing that the transaction fees were minimal and the greater benefit RLUSD brings lies in enhancing the XRPL ecosystem, not price speculation.
Another commenter expressed skepticism about the origin of the issuance, saying anybody could do that. Notably, on-chain data shows that the transaction came from the official RLUSD issuer account, confirming its legitimacy.
Ripple Focuses on Network Enhancement
It is important to recall that Ripple disclosed that its enterprise partners are responsible for carrying out the private beta testing of RLUSD on the XRPL and Ethereum mainnet. According to the firm, this testing phase is essential for identifying and addressing potential issues, ensuring the stablecoin’s reliability and security.
The firm stressed that RLUSD is still in its private testing stage, and any claims of RLUSD being publicly available should be treated with skepticism.
Caution Urged Amid XRPL Developments
Amid the excitement surrounding RLUSD, prominent figures within the XRP community, including Vet and WrathofKahneman, have previously advised users to remain vigilant. Vet warned that bad actors could exploit these developments.
He emphasized the importance of understanding the mechanics of trustlines and stressed that RLUSD has not yet been released for public use. WrathofKahneman also reiterated that setting up a trustline does not imply that RLUSD is immediately available or that Ripple has officially issued the stablecoin.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
