According to a January 7 statement, Ripple has partnered with Chainlink to provide robust price data for the RLUSD stablecoin.
This integration brings Chainlink’s blockchain technology into the Ripple ecosystem, delivering a secure and verifiable price feed directly onto the Ethereum network.
RLUSD is a stablecoin pegged to the US dollar that was launched in December after receiving approval from the New York Department of Financial Services (NYDFS).
The company operates on both the XRP Ledger and Ethereum and has a current market capitalization of $77 million, according to CryptoQuant data.
Strengthening RLUSD for DeFi
DeFi applications require access to real-time, tamper-proof pricing to support stablecoin-based operations such as trading and lending.
Ripple ensures that RLUSD benefits from accurate volume-weighted price data collected from various on-chain and off-chain markets through the Chainlink price feed.
This integration strengthens RLUSD’s capabilities across DeFi platforms by giving developers access to trusted data.
This partnership will provide a solid foundation for the use of RLUSD in financial applications and will lead to widespread adoption of RLUSD. Johann Eid, Chief Business Officer of Chainlink Labs, said:
“The adoption of tokenized assets such as stablecoins will continue to accelerate in the coming years, and gaining access to critical on-chain data will accelerate that process.”
According to Chainlink community liaison Zach Rynes, major DeFi protocols like Aave have already started incorporating RLUSD into their ecosystems using Chainlink-powered data feeds.
Ripple said it selected Chainlink for its proven ability to provide secure, high-quality data through a decentralized infrastructure.
Jack McDonald, Ripple’s senior vice president of stablecoins, added:
“By leveraging the Chainlink standard, we bring trusted data on-chain, further strengthening the utility of RLUSD for both institutional and decentralized applications.”
Chainlink’s technology powers trillions of dollars in transaction value around the world. In particular, sAll crypto projects, including the Coinbase-backed Base network and traditional financial institutions like ANZ, are partnering with the network to power their operations.
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