Fake ‘XRP’ Issued Token Causes Confusion on XRPL

A token issued on the $XRP Ledger with the name “$XRP” is attracting attention in the $XRP community.

In a tweet, $XRP Ledger validator Vet shared a screenshot showing an issued token with the name “$XRP” and the token code 5852500000000000000000000000000000000000.

Vet explains why this is so. According to the $XRP Ledger validator, the currency code “$XRP” is not allowed to be used for issued assets because there is only one $XRP asset, which is the native token of the $XRP Ledger.

However, the hex currency code 5852500000000000000000000000000000000000 translates to “$XRP” and is allowed to be issued, which the issuer did.

Vet says the token is obviously not real $XRP. This is because the real $XRP is not issued by any issuer or has a trustline requirement. Vet noted that $XRP is the only asset that does not require this, and any account can hold it.

$XRP has a fixed maximum supply of 100 billion tokens, which were all issued at its 2012 inception, with no new tokens possible.

Ripple secures new partnerships

Aviva Investors, the global asset management business of Aviva plc, and Ripple announced today a partnership with the intention of tokenizing traditional fund structures.

Ripple will support Aviva Investors with the initiative as part of its broader efforts to bring traditional financial assets with real utility to the XRPL. The partnership marks Ripple’s first with an investment management business based in Europe, building upon its significant experience working with financial institutions in other regions.

Ripple recently announced it was extending its payments partnership with UAE bank Zand to explore a range of initiatives, from enabling support for Ripple’s $RLUSD stablecoin within Zand’s regulated digital asset custody, to direct liquidity solutions between $RLUSD and Zand’s AED-denominated stablecoin AEDZ, to the issuance of AEDZ on the XRPL.