Blockchain investigator ZachXBT expressed concerns about Ripple’s new RLUSD stablecoin, claiming it lacks a genuine user base and relies heavily on paid partnerships.
ZachXBT's Lack of Trust for RLUSD
ZachXBT noted that the growth of RLUSD seems artificial and not driven by user interest. He compared RLUSD to other stablecoins, such as Circle's USDC, Paxos's USDP, and Tether's USDT, stating he trusts those issuers more.\n\nCITE_W_A: "I trust Circle, Paxos, and Tether more"
Support from the XRP Community
Some XRP supporters responded to ZachXBT's claims, suggesting that RLUSD is indeed used within Ripple’s payment network. They acknowledged that Ripple, like many blockchain firms, pays for partnerships to enhance adoption, but emphasized that this practice is common within the industry and does not imply that its adoption is fake.
Ripple's Plans for RLUSD
Ripple aims to use RLUSD not only for trading but also for lending, borrowing, payments, and other decentralized finance services. The company is exploring how the stablecoin can operate with both centralized and decentralized platforms. RLUSD is already being used as collateral in Ripple's acquisition of Hidden Road, highlighting its increasing involvement in large-scale financial transactions.
ZachXBT's criticism raises questions about the authenticity of the user base behind Ripple’s stablecoin RLUSD. However, support from the XRP community and the company's expansion plans may positively influence the stablecoin's development.
