Ripple taps Chainlink to boost RLUSD utility and DeFi access
Key Takeaways
- Ripple has adopted Chainlink’s price feed to enhance RLUSD stablecoin’s utility in DeFi applications.
- RLUSD is available on multiple exchanges and aims to expand its platform reach to support its integration into DeFi.
Share this article
Ripple is adopting Chainlink’s standard to provide reliable pricing data for its RLUSD stablecoin, aiming to enhance its utility across decentralized finance applications, according to a statement shared by the team on Dec. 7.
The integration comes after RLUSD’s launch last December, following regulatory approval from the New York Department of Financial Services. The USD-backed stablecoin has reached a market cap of about $72 million according to CoinGecko, and is available on exchanges including Uphold, Bitso, MoonPay, Archax, and CoinMENA.
To be effectively used in DeFi applications, stablecoins need reliable on-chain price data. Ripple has selected Chainlink Price Feeds as they fulfill this critical need for its RLUSD stablecoin.
“As RLUSD scales across DeFi ecosystems, reliable and transparent pricing is essential to maintaining stability and building trust in its utility within decentralized markets,” said Jack McDonald, SVP, Stablecoin at Ripple.
Now operational on Ethereum, Chainlink Price Feeds provide RLUSD pricing data that developers can integrate into DeFi applications for trading, lending, and other use cases. The infrastructure has facilitated over $18 trillion in transaction value.
“By leveraging the Chainlink standard, we bring trusted data onchain, further strengthening RLUSD’s utility across both institutional and decentralized applications,” McDonald added.
Johann Eid, Chief Business Officer at Chainlink Labs, said:
“We’re thrilled to be working with Ripple on accelerating the adoption of their recently launched RLUSD stablecoin through the adoption of the Chainlink standard for verifiable data. The adoption of tokenized assets such as stablecoins will continue to accelerate in the coming years and having access to critical onchain data will accelerate the process.”
RLUSD is issued on both the XRP Ledger and Ethereum, with plans for expansion to other platforms in the near future. The stablecoin aims to enable low-cost, instant settlement of local and cross-border payments.
Share this article
Go to Source
Author: Vivian Nguyen
