Ripple and Chainlink have joined forces to bring robust pricing data to the RLUSD stablecoin, as announced in a recent press release on January 7th. This partnership marks a significant milestone in enhancing the utility and accessibility of RLUSD in the decentralized finance (DeFi) space.
RLUSD, a stablecoin pegged to the US dollar, was launched in December with approval from the New York Department of Financial Services (NYDFS). Operating on both the XRP Ledger and Ethereum, RLUSD currently boasts a market capitalization of $77 million.
In order to support DeFi applications, real-time and tamper-proof pricing data is essential for stablecoin-based operations such as trading and lending. By integrating Chainlink’s blockchain technology, Ripple can now provide secure and verifiable price feeds directly on Ethereum’s network.
Chainlink Price Feeds offer accurate and volume-weighted price data sourced from various on-chain and off-chain markets, ensuring that RLUSD benefits from reliable information. This integration strengthens RLUSD’s functionality across DeFi platforms, making it more accessible to developers and users alike.
Johann Eid, Chief Business Officer at Chainlink Labs, expressed his excitement about the collaboration, stating that the adoption of tokenized assets like stablecoins will continue to accelerate with access to critical on-chain data. Major DeFi protocols, including Aave, have already begun incorporating RLUSD into their ecosystems using Chainlink-powered data feeds.
Ripple chose Chainlink for its proven track record of delivering secure and high-quality data through decentralized infrastructure. Jack McDonald, SVP of Stablecoin at Ripple, emphasized the importance of leveraging the Chainlink standard to bring trusted data on-chain, further enhancing RLUSD’s utility across institutional and decentralized applications.
Chainlink’s technology supports trillions of dollars in transaction value globally, with various crypto projects and traditional financial institutions partnering with the network to streamline operations. The collaboration between Ripple and Chainlink sets the stage for broader adoption of RLUSD and solidifies its position as a reliable stablecoin in the DeFi landscape.