According to U.Today, a fraudulent Ripple USD (RLUSD) token has surfaced on the XRP Ledger, attempting to exploit the anticipation surrounding the launch of Ripple's official stablecoin. The operator of the XRP Ledger dUNL, known as Vet, has cautioned that the legitimate RLUSD stablecoin is not yet available. He emphasized the importance of vigilance, stating that scammers are ready to exploit those who are not careful. He also highlighted that the ticker and name are not unique on the XRP Ledger, making it easier for fraudsters to deceive inexperienced users. Vet stressed that only the issuer account is unique and advised users to ensure that the product is directly offered by Ripple.
DLT expert Krippenreiter has suggested users verify the 'r-address' using any XRPL-based explorer and examine the account's history to avoid falling for such scams. Users have also been advised to confirm the presence of official press releases from Ripple and RippleX, Ripple's developer arm, to ensure the authenticity of a stablecoin product. XRPScan, a leading XRPL explorer, has already flagged an issuer of the fake RLUSD stablecoin as a suspicious account. It was noted that the account had already amassed a significant amount of XRP by trading the token on the DEX and the AMM.
Ripple President Monica Long recently predicted that Ripple's stablecoin, initially announced in April, would be launched this year. The company unveiled the RLUSD ticker earlier this month during XRPL Apex 2024. Ripple aims to compete with major players such as Tether and Circle in the competitive stablecoin market.