Ripple, a blockchain service with strong ties to the XRP Ledger, announced on Tuesday that it will leverage Chainlink's data services to enhance the integration of its RLUSD stablecoin with decentralized finance applications. This new functionality, now live on the Ethereum blockchain, enables developers to incorporate RLUSD into DeFi protocols for various activities such as trading and lending. Having launched its US dollar-pegged RLUSD stablecoin on Ethereum and the XRP Ledger networks last month, the token currently boasts a market capitalization of $72 million, according to CoinGecko. By embracing the Chainlink standard, Ripple seeks to expedite RLUSD adoption across DeFi and increase its appeal for secure, low-cost international payments.
DeFi applications frequently require dependable pricing data to mitigate risks associated with stablecoin usage. Chainlink's infrastructure, which has facilitated transactions valued at over $18 trillion, addresses this need. "With seamless functionality across DeFi, RLUSD is poised to support an expanding range of use cases in decentralized financial systems," stated Jack McDonald, senior vice president of stablecoin at Ripple. "The integration of Chainlink Price Feeds provides RLUSD with the necessary infrastructure to deliver precise and decentralized pricing data to DeFi applications," he added.
"This ensures that protocols utilizing RLUSD for a wide range of financial activities can operate reliably and transparently."