#Rippleđ° has issued a warning to its users about false claims that its new stablecoin is already live. This warning comes as Ripple continues to face legal issues with the U.S. Securities and Exchange Commission (SEC), which has labeled the product an unregistered crypto asset.
XRP Community on Alert
Earlier this year, Ripple announced its plans to launch a #stabilcoin called RLUSD, which will be pegged 1:1 to the U.S. dollar. The stablecoin is set to be available on the XRP Ledger (XRPL) and Ethereum ( #ETHđ„đ„đ„đ„ ). Rippleâs CEO, Brad Garlinghouse, stated that the RLUSD could serve as a bridge between the cryptocurrency industry and traditional finance. Some analysts even predict that its launch could positively affect the price of #Xrpđ„đ„ .
Last week, Ripple minted over 800,000 RLUSD on both XRPL and Ethereum, representing 99% of the total planned supply. This triggered speculation that RLUSD was already live. However, Ripple assured the public that the stablecoin is still in private beta testing and warned against individuals claiming otherwise.
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SEC Controversy Continues
While the upcoming stablecoin has stirred excitement within the #CryptoCommunity" , not everyone welcomed the news. The U.S. Securities and Exchange Commission (SEC) labeled RLUSD as an "unregistered crypto asset," adding yet another chapter to the ongoing legal dispute between Ripple and the SEC.
This legal battle began in December 2020 when the SEC sued Ripple for the unregistered sale of XRP tokens. In August 2024, the case reached a key milestone when Judge Torres ruled that XRP sales to retail investors on secondary markets did not violate securities laws. However, Ripple was still ordered to pay a fine of $125 million.
This fine is significantly lower than the original $2 billion demanded by the SEC, which many consider a major victory for Ripple. Both parties have the option to appeal by October 7, and it is expected that the SEC will do so, as rumors of such a move have been circulating. U.S. attorney Fred Rispoli estimates that there is a 60% chance the SEC will appeal.
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