In a latest development, Ripple announced on Tuesday that it will use data provider Chainlink’s (LINK) services to better integrate its RLUSD stablecoin with decentralized finance (DeFi) applications.
Notably, this feature, which went live today on the Ethereum blockchain, allows developers to incorporate RLUSD into DeFi protocols for trading, lending and other activities—just last month Ripple launched its RLUSD stablecoin, pegged to the U.S. dollar, on the Ethereum and XRP Ledger networks. The token currently has a market capitalization of $72 million.
Issued on the XRP Ledger (XRPL) and Ethereum blockchains, RLUSD is natively composable with smart contract applications such as those seen in DeFi. However, to support RLUSD as an asset, many DeFi applications first require a high-quality, reliable source of price data to manage risks.
The Chainlink standard provides a unified solution to overcome these limitations and provide the data required to accelerate RLUSD’s adoption within DeFi and fully realize the stablecoin opportunity.
Ripple chose Chainlink Price Feeds because it provides a number of critical features. Ripple chose Chainlink Price Feeds for its high-quality data sourced from top aggregators and exchanges, which is cleaned of outliers and wash trading. The feeds are secured by reliable, Sybil-resistant oracle nodes and are decentralized at all levels, protecting against downtime and tampering. Chainlink also offers a reputation framework and monitoring tools to verify the performance of its networks and node operators.
“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.” – Johann Eid, Chief Business Officer at Chainlink Labs noted.
Ripple is adopting Chainlink’s standard to accelerate RLUSD adoption in decentralized finance (DeFi) and enhance its use for secure, low-cost cross-border payments. Notably, Chainlink provides the reliable pricing data DeFi applications need to manage risks, having facilitated over $18 trillion in transactions.
“By leveraging the Chainlink standard, we bring trusted data onchain, further strengthening RLUSD’s utility across both institutional and decentralized applications.”- Jack McDonald, SVP, Stablecoin at Ripple noted.
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