XRP Ledger Hit By Fake OUSD Stablecoin Scam, Community Issues Alert

02 Jul, 2026 Updated 02 Jul, 2026

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XRP Ledger Yield Protocol Accused of Using XRP Liquidity To Fuel Insider Profits

Highlights

The XRP Ledger community has flagged a fake Open Standard account on the network.
That account seems suspicious as it claims to offer extravagant rewards like earning 70,000 XRP and 12% yield on XRP..
The scammers could have targeted XRPL since Ripple is also a part of the consortium behind the Open USD (OUSD) stablecoin.

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The XRP community has been warned of a fake OUSD stablecoin scam on the XRP Ledger. This comes as on the XRPL, a suspicious wallet claiming to be the new stablecoin Open USD (OUSD) has emerged. It is a cause for concern among validators, who suspect it is a scam.

XRP Ledger Validators Flag OUSD Scam On The Network

GrimmReaper, who is a validator operator on the XRP Ledger, posted a screenshot of his transaction-monitoring tool on Bithomp. The snapshot shows a page name that he detected was a new issuer using the “Open Standard” name and this triggered the alert.

Moreover, they have a website linked to their account: joinopenstandard.netlify.app. They also have an XRP Ledger address that has been recently activated.

There are also several red flags on the Bithomp screenshot that typically accompany crypto scams. The ads above the account promote “Earn 12% on XRP” and “Play Slots and win 70,000 XRP” and are typical of those that attract unwary players to bogus schemes.

Sharing the image on X, GrimmReaper wrote, “We might have our answer about OUSD being on the xrpl if this is legit. What do you guys think, Krippenreiter and Vet?” He added that he runs a tool monitoring transactions received by his validator.

He explained, “I have an app that [watches] my transactions coming into my validator and [makes] it very able to watch for any issuer for a token name so this came up today.”

We might have our answer about OUSD being on the xrpl if this is legit. What do you guys think @krippenreiter and @Vet_X0 ? I have an app that watched my transactions coming into my validator and made it very able to watch for any issuer for a token name so this came up today. pic.twitter.com/tdxgl6KHsq

— GrimmReaper (@jgrimm5) July 2, 2026

However, XRPL dUNL validator Vet responded by urging the community not to trust the issuer.

“[It’s] a scam and always is a scam by default until you get people to confirm from Open USD that this is their issuer,” Vet responded. The XRP Ledger validator also said that he is a valid issuer and they should have verifiable confirmation from both parties, but here they don’t. Vet added, “We always need a 2 way pointer. Issuer address points to Project and Project points to Issuer address. This is not the case here.”

Already, the XRPL v3.2.0 upgrade is registering complaints of several bugs. Hence, such potential scams seem to be exacerbating the situation.

About The OUSD Stablecoin Launch

The XRP Ledger validators’ warning comes on the heels of OUSD Stablecoin launch on June 30 by the Open Standard consortium. It boasts backing from over 140 companies, including Ripple, Visa, Mastercard, BNY, Standard Chartered, BlackRock, Google, Shopify, Coinbase and Solana.

The consortium claims that OUSD will allow businesses to mint and redeem the stablecoin without any fees or set volume limits. It also will return money generated from reserves to partners participating in the consortium with a small management fee. Moreover, it will have governance shared by each partner in the consortium.

The announcement has garnered attention in the XRP ecosystem, as Ripple is among the founding participants. This could have made OUSD a potential target for bad actors to take advantage of by using fake issuer accounts on the XRP Ledger.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.