Ripple and Chainlink Partner to Boost Adoption of Ripple USD Stablecoin
Ripple, a US-based fintech firm, has partnered with blockchain oracle provider Chainlink to accelerate the adoption of its newly launched stablecoin, Ripple USD (RLUSD). This collaboration aims to provide highly secure and reliable pricing data for RLUSD, enabling its seamless integration into decentralized finance (DeFi) applications.
Enhancing RLUSD’s Utility with Chainlink’s Price Oracle Feeds
Chainlink’s price oracle feeds will provide real-time pricing data for RLUSD on the Ethereum blockchain, allowing DeFi applications to leverage the stablecoin for trading, lending, and other use cases. As RLUSD is issued on both the XRP Ledger and Ethereum blockchains, it is natively compatible with smart contract applications and DeFi.
A Strategic Move in a Crowded Stablecoin Market
The partnership is a strategic move for Ripple, as RLUSD enters a crowded stablecoin market dominated by Tether, which holds a 65% market share. The total stablecoin market capitalization has reached a record high of around $212 billion, representing approximately 6% of the entire crypto asset market, according to CoinGecko.
Industry Experts Weigh In on the Partnership
Johann Eid, Chief Business Officer at Chainlink Labs, believes that the adoption of tokenized assets, such as stablecoins, will continue to accelerate in the coming years. He emphasizes the importance of having access to critical on-chain data to accelerate this process. Jack McDonald, SVP at Ripple, adds that leveraging the Chainlink standard brings trusted data on-chain, further strengthening RLUSD’s utility across both institutional and decentralized applications.
Market Impact: XRP and LINK Prices Slide
Despite the partnership, the announcement had a minimal impact on the prices of XRP and LINK. Ripple’s XRP fell 6.4% on the day, while Chainlink’s LINK took a significant 11.7% hit, as altcoins were affected by the broader market slump.
Conclusion
In summary, the partnership between Ripple and Chainlink aims to accelerate the adoption of RLUSD by providing highly secure and reliable pricing data. This collaboration is a strategic move in a crowded stablecoin market, and industry experts believe it will strengthen RLUSD’s utility across both institutional and decentralized applications.
Source: Cryptopotato.com
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