Hey crypto fans! We've got some juicy updates coming straight from Ripple HQ. Buckle up because this one's a rollercoaster!
Earlier this year, Ripple dropped a bombshell announcement: they're launching a stablecoin called RLUSD, pegged 1:1 to the good ol' American dollar. This bad boy will be cruising on both the XRP Ledger (XRPL) and Ethereum. Ripple’s head honcho, Brad Garlinghouse, reckons RLUSD could be the bridge we've all been waiting for between the world of crypto and traditional finance. And guess what? Analysts are buzzing that this could give XRP's price a sweet boost.
Just last week, Ripple minted over 800,000 RLUSD tokens on XRPL and Ethereum, which is a whopping 99% of the total supply. Naturally, folks started speculating that RLUSD was already live. But hold your horses! Ripple clarified it’s still in private beta testing. So, if anyone tells you they’ve got RLUSD ready to go, they’re pulling your leg.
Public Service Announcement: RLUSD is still in private beta. Yes, you might see some on-chain activity, but it's not up for grabs yet. Beware of anyone claiming otherwise. Stay sharp and don’t fall for scams!
Ripple dropped the news on social media, and the crypto community was all ears. One popular figure, Vet, chimed in, saying, “Unfortunately, a necessary PSA. Even accounts with a gold checkmark are impersonating and scamming people. Definitely stay vigilant, and the best thing is to do nothing, don’t click any links, and wait for official sources.”
Ripple’s stablecoin announcement sparked a wave of excitement, but not everyone is popping champagne. The US Securities and Exchange Commission (SEC) threw some shade, calling it an “unregistered crypto asset.” And if you’ve been following the drama, you know this isn’t the first time Ripple and the SEC have butted heads.
Rewind to December 2020, when the SEC slapped Ripple with a lawsuit, accusing them of running an unregistered securities offering by selling XRP tokens. Fast forward to August 2024, and Judge Torres made a landmark ruling that XRP sales on secondary markets to retail investors weren't securities transactions. However, she still ordered Ripple to cough up $125 million for breaking some securities laws—a far cry from the $2 billion the SEC originally wanted, which many see as a big win for Ripple.
Now, the clock is ticking. Both parties have until October 7 to appeal, and rumor has it the SEC is gearing up to do just that. Legal eagle Fred Rispoli even puts the odds of an appeal at a solid 60%.
So, keep those eyes peeled for more updates, stay smart, and don’t let the scammers get you. The crypto world is buzzing, and you don’t want to miss a beat!
