Ripple, an enterprise-focused blockchain service closely related to the XRP Ledger (XRP), said Tuesday it will use the services of data provider Chainlink (LINK) to better integrate its RLUSD stablecoin with decentralized finance (DeFi) applications. ).
This feature, which went live today on the Ethereum blockchain, allows developers to integrate RLUSD into DeFi protocols for trading, lending, and other activities.
The company rolled out its US dollar-pegged stablecoin RLUSD to the general public on the Ethereum and XRP Ledger networks last month. Currently, the token has a market capitalization of $72 million, according to CoinGecko data.
By adopting the Chainlink standard, Ripple aims to accelerate the adoption of RLUSD in decentralized finance (DeFi) and strengthen its appeal for secure, low-cost cross-border payments. DeFi applications often require reliable pricing data to manage the risks associated with stablecoin use. Bridging this gap is Chainlink’s infrastructure, which has facilitated over $18 trillion in transactions under the protocol.
“By enabling seamless functionality in 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.
“The integration of Chainlink Price Feeds provides RLUSD with the essential infrastructure it needs to deliver accurate, decentralized pricing data to DeFi applications,” he added. “This ensures that protocols using RLUSD for a wide range of financial activities can operate reliably and transparently.”
