Ripple has officially adopted the Chainlink standard to enhance the utility of its RLUSD stablecoin within decentralized finance (DeFi) ecosystems. This strategic collaboration aims to integrate RLUSD with Chainlink Price Feeds on Ethereum, solidifying the stablecoin’s presence in DeFi applications and expanding its accessibility.
The integration of Chainlink Price Feeds offers secure and reliable pricing data on the Ethereum network, enabling seamless use of RLUSD in DeFi applications. By incorporating Chainlink’s decentralized oracle network, Ripple ensures that RLUSD is equipped with accurate, real-time pricing data, which is crucial for developers in building transparent and stable decentralized financial products.
Jack McDonald, Ripple’s Senior Vice President of Stablecoin, emphasized the importance of this move, stating, “As RLUSD scales across DeFi ecosystems, reliable and transparent pricing is essential to maintaining stability and building trust in its utility within decentralized markets.” This integration marks another major milestone for RLUSD, aligning with Ripple’s ongoing efforts to drive the adoption of stablecoin-based payments.
RLUSD is a stablecoin backed 1:1 with the US dollar and approved by the New York Department of Financial Services (NYDFS). Issued on both the XRP Ledger (XRPL) and Ethereum blockchain, RLUSD is designed for seamless compatibility with smart contract applications in the DeFi space. As the demand for secure, compliant digital payment solutions continues to rise, RLUSD’s role as a trusted stablecoin is becoming more evident.
Chainlink’s decentralized infrastructure provides volume-weighted pricing data from multiple aggregators, ensuring that RLUSD’s price remains accurate and resistant to market manipulation. Johann Eid, Chief Business Officer at Chainlink Labs, pointed out that “having access to critical on-chain data will accelerate the adoption of tokenized assets such as stablecoins.”
Also Read: Ripple’s XRPL v2.3.0 Upgrade: Key Enhancements for Institutional DeFi and Blockchain Scalability
By leveraging Chainlink’s robust technology, Ripple is positioning RLUSD for broader DeFi adoption, enhancing its role as a leading digital asset in the rapidly evolving financial landscape.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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