Ripple aims to provide reliable and decentralized financial data by leveraging Chainlink’s price feeds to integrate its RLUSD stablecoin into DeFi applications.
Ripple, the enterprise-focused blockchain service provider that has a close relationship with XRP Ledger (XRP), has announced that it will utilize the services of data provider Chainlink (LINK) in order to more effectively integrate its RLUSD stablecoin with decentralized finance (DeFi) applications.
This new feature, which went live on the Ethereum blockchain today, will allow developers to integrate RLUSD into DeFi protocols, allowing the token to be used for trading, lending, and other financial activities.
Ripple and Chainlink complement each other
Last month, Ripple released its US dollar-backed RLUSD stablecoin on the Ethereum and XRP Ledger networks, offering it to a wide range of users. As of now, the market value of RLUSD is at $72 million.
By adopting the Chainlink standard, Ripple aims to enable faster adoption of RLUSD in DeFi applications and increase its appeal as a secure and low-cost solution for cross-border payments.
DeFi applications need reliable price data to manage the risks associated with using stablecoins, and Chainlink’s infrastructure fills this gap by mediating over $18 trillion in transaction volume, according to the protocol.
Aiming for perfect DeFi
“Providing seamless functionality within DeFi means RLUSD is well-positioned to support growing use cases in decentralized financial systems,” Jack McDonald, Ripple’s senior vice president of stablecoins, told CoinDesk.
He also emphasized that Chainlink price feeds provide RLUSD with the necessary infrastructure to provide accurate and decentralized price data to DeFi applications. This integration will allow protocols that use RLUSD to operate in a more reliable and transparent manner.
Stay tuned