Ripple Adopts Chainlink’s Price Feed to Enhance RLUSD Stablecoin’s Utility in DeFi

Ripple has announced its integration with Chainlink’s price feed to bolster the utility of its RLUSD stablecoin in decentralized finance (DeFi) applications. This strategic move aims to provide reliable pricing data, further expanding RLUSD’s reach across various platforms.

RLUSD Stablecoin Overview

Launched in December, RLUSD has gained significant traction, with a market capitalization of approximately $72 million, according to CoinGecko. The USD-backed stablecoin is currently available on prominent exchanges, including Uphold, Bitso, MoonPay, Archax, and CoinMENA. Following regulatory approval from the New York Department of Financial Services, RLUSD is poised for further growth.

The Importance of Reliable Pricing Data in DeFi

For stablecoins to be effectively utilized in DeFi applications, they require reliable on-chain price data. Ripple has selected Chainlink Price Feeds to fulfill this critical need, ensuring the stability and trustworthiness of RLUSD within decentralized markets. As Jack McDonald, SVP, Stablecoin at Ripple, noted, “As RLUSD scales across DeFi ecosystems, reliable and transparent pricing is essential to maintaining stability and building trust in its utility within decentralized markets.”

Chainlink Price Feeds: A Standard for Verifiable Data

Chainlink Price Feeds provide RLUSD pricing data that developers can seamlessly integrate into DeFi applications for various use cases, such as trading and lending. With over $18 trillion in transaction value facilitated by the infrastructure, Chainlink’s standard has become a benchmark for verifiable data. By leveraging this standard, Ripple aims to bring trusted data on-chain, further strengthening RLUSD’s utility across both institutional and decentralized applications.

Future Expansion Plans

RLUSD is currently operates 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, solidifying its position in the DeFi ecosystem.

Conclusion

In summary, Ripple’s adoption of Chainlink’s price feed is a strategic move to enhance the utility of its RLUSD stablecoin in DeFi applications. By providing reliable pricing data, RLUSD is poised for further growth and expansion across various platforms. As the DeFi ecosystem continues to evolve, the integration of trusted data sources like Chainlink will play a crucial role in maintaining stability and building trust in decentralized markets.

Source: Cryptobriefing.com

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