Ripple and Chainlink Collaboration for RLUSD Stablecoin
Ripple has teamed up with Chainlink to enhance the pricing data for its RLUSD stablecoin, as per a recent statement released on Jan. 7.
Introduction of Chainlink Technology
The partnership brings Chainlink’s blockchain technology into Ripple’s ecosystem, providing secure and verifiable price feeds directly on the Ethereum network.
RLUSD Stablecoin Overview
RLUSD is a stablecoin pegged to the US dollar, launched in December with approval from the New York Department of Financial Services. It currently operates on both the XRP Ledger and Ethereum, with a market capitalization of $77 million.
Enhancing RLUSD for DeFi Applications
DeFi platforms require real-time, tamper-proof pricing data to support stablecoin-based activities like trading and lending. With Chainlink Price Feeds, RLUSD can benefit from accurate price data collected from various markets, improving its functionality across DeFi platforms.
This collaboration aims to drive broad adoption of RLUSD by providing a strong foundation for its use in financial applications.
Industry Recognition
Chainlink’s technology is trusted by various crypto projects and financial institutions globally. Major DeFi protocols like Aave have already started integrating RLUSD into their systems using Chainlink-powered data feeds.
Ripple chose Chainlink for its ability to deliver secure and high-quality data through decentralized infrastructure. This partnership will strengthen RLUSD’s utility across both institutional and decentralized applications.
Partnership Success
Chainlink’s technology supports trillions of dollars in transaction value globally. Numerous projects, including the Coinbase-backed Base network and traditional financial institutions like ANZ, have partnered with Chainlink to enhance their operations.
