XRP Community Leaders Urge Caution Amid Ripple RLUSD Excitement: Here’s Why
The post XRP Community Leaders Urge Caution Amid Ripple RLUSD Excitement: Here’s Why appeared on BitcoinEthereumNews.com.
Recently, Ripple officially entered the private beta phase for its USD stablecoin, Ripple USD (RLUSD), deploying it on both the Ethereum mainnet and the XRP Ledger (XRPL). However, amid the excitement surrounding the RLUSD project, key voices within the XRP community have urged caution. Vet, the co-founder of xrp.cafe, recently issued a warning to the XRP community members that they should remain vigilant as XRPL sees positive developments, such as tokenization and stablecoin projects. His caution came as the XRP Ledger continues to undergo significant amendments, raising interest from various actors. Vet stressed the need to approach these changes carefully, noting that bad actors may seek to capitalize on the developments, putting unsuspecting individuals at risk. This warning builds upon one from another prominent community figure, WrathofKahneman, who clarified several misconceptions regarding RLUSD. He explained that Ripple has not officially issued the stablecoin and highlighted that any account can set up trust lines on the XRPL. According to him, merely configuring trustlines does not imply that the stablecoin is available, nor does it confirm any immediate release of RLUSD. WrathofKahneman also addressed misinformation surrounding India’s use of XRP for oil purchases, dismissing these claims as unfounded. Trustlines and RLUSD on the XRPL Building on the warnings, Vet elaborated on the technical aspects of trustlines within the XRP Ledger. A trustline, he noted, establishes a connection between an account and a token issuer. This process allows users to specify the maximum amount of a token they wish to hold or receive. While some accounts have already set trustlines to the RLUSD issuer, this does not imply that the stablecoin has been distributed or is ready for public use. Vet underscored that anyone could set up such a trustline, even though Ripple itself has not yet issued any RLUSD tokens. Additionally, the…
Filed under: News - @ August 15, 2024 1:24 pm