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Ripple Aims to Boost RLUSD Stablecoin's DeFi Utility with Chainlink Standard
Chainlink will provide crucial pricing data for Ripple's U.S. dollar stablecoin on the Ethereum blockchain.
Updated Jan 7, 2025, 4:28 p.m. Published Jan 7, 2025, 1:22 p.m.
What to know:
- Ripple adopts Chainlink's services to boost its U.S. dollar stablecoin's utility across decentralized finance (DeFi) protocols.
- Ripple USD (RLUSD) was rolled out to the broader public last month on Ethereum and XRP Ledger, and currently has a $72 million market capitalization.
- "By enabling seamless functionality across DeFi, RLUSD is well-positioned to support a growing range of use cases in decentralized financial systems," Jack McDonald, senior vice president of stablecoin at Ripple, told CoinDesk.
Ripple, an enterprise-focused blockchain service closely related to the XRP Ledger (XRP), said Tuesday that it will use data provider Chainlink's (LINK) services to better integrate its RLUSD stablecoin with decentralized finance (DeFi) applications.
This feature, which went live today on the Ethereum blockchain, allows developers to incorporate RLUSD into DeFi protocols for trading, lending and other activities.
STORY CONTINUES BELOW
The company rolled out its U.S. dollar-pegged RLUSD stablecoin to the broader public on Ethereum and the XRP Ledger networks last month. Currently, the token has a $72 million market capitalization, according to CoinGecko data.
By adopting the Chainlink standard, Ripple aims to accelerate RLUSD adoption across decentralized finance (DeFi) and boost its appeal for secure, low-cost cross-border payments. DeFi applications often require reliable pricing data to manage risks associated with stablecoin use. Chainlink’s infrastructure, which have facilitated over $18 trillion in transaction value according to the protocol, bridges this gap.
"By enabling seamless functionality across DeFi, RLUSD is well-positioned to support a growing range of use cases in decentralized financial systems," Jack McDonald, senior vice president of stablecoin at Ripple, told CoinDesk.
"Integrating Chainlink Price Feeds provides RLUSD with the essential infrastructure it needs to deliver accurate and decentralized pricing data to DeFi applications", he added. "This ensures that protocols using RLUSD for a broad range of financial activities can operate reliably and transparently."
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