Ripple Aims to Boost RLUSD Stablecoin's DeFi Utility with Chainlink Standard

Ripple, an enterprise-focused blockchain work intimately related to the XRP Ledger (XRP), said Tuesday that it volition usage information supplier Chainlink's (LINK) services to amended integrate its RLUSD stablecoin with decentralized concern (DeFi) applications.

This feature, which went unrecorded contiguous connected the Ethereum blockchain, allows developers to incorporated RLUSD into DeFi protocols for trading, lending and different activities.

The institution rolled out its U.S. dollar-pegged RLUSD stablecoin to the broader nationalist connected Ethereum and the XRP Ledger networks past month. Currently, the token has a $72 cardinal marketplace capitalization, according to CoinGecko data.

By adopting the Chainlink standard, Ripple aims to accelerate RLUSD adoption crossed decentralized concern (DeFi) and boost its entreaty for secure, low-cost cross-border payments. DeFi applications often necessitate reliable pricing information to negociate risks associated with stablecoin use. Chainlink’s infrastructure, which person facilitated implicit $18 trillion successful transaction worth according to the protocol, bridges this gap.

"By enabling seamless functionality crossed DeFi, RLUSD is well-positioned to enactment a increasing scope of usage cases successful decentralized fiscal systems," Jack McDonald, elder vice president of stablecoin astatine Ripple, told CoinDesk.

"Integrating Chainlink Price Feeds provides RLUSD with the indispensable infrastructure it needs to present close and decentralized pricing information to DeFi applications", helium added. "This ensures that protocols utilizing RLUSD for a wide scope of fiscal activities tin run reliably and transparently."