Key takeaways
- Ripple adopted Chainlink’s price feed to improve the utility of the RLUSD stablecoin in DeFi applications.
- RLUSD is available on several exchanges and aims to expand the reach of its platform to support its integration into DeFi.
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Ripple is adopting Chainlink’s standard to provide reliable pricing data for its stablecoin RLUSD, aiming to improve its utility in decentralized finance applications, according to a statement shared by the team on December 7.
The integration comes after the launch of RLUSD last December, following regulatory approval from the New York Department of Financial Services. The USD-backed stablecoin has reached a market capitalization of around $72 million according to CoinGecko and is available on exchanges such as Uphold, Bitso, MoonPay, Archax, and CoinMENA.
To be used effectively in DeFi applications, stablecoins need reliable on-chain price data. Ripple selected Chainlink Price Feeds because they meet this critical need for its stablecoin RLUSD.
“As RLUSD evolves across DeFi ecosystems, reliable and transparent pricing is essential to maintaining stability and building confidence in its utility within decentralized markets,” said Jack McDonald, EVP of 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 helped drive over $18 trillion in transaction value.
“By leveraging the Chainlink standard, we are bringing trusted data on-chain, strengthening the utility of RLUSD in institutional and decentralized applications,” McDonald added.
Johann Eid, Chief Commercial Officer of Chainlink Labs, said:
“We are excited to work with Ripple to accelerate 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 access to critical data on-chain will accelerate the process.
RLUSD is issued on both XRP Ledger and Ethereum, with plans to expand to other platforms in the near future. The stablecoin aims to enable instant and low-cost settlement of local and cross-border payments.
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