Ripple Stablecoin RLUSD Gets Boost in DeFi Usability With Chainlink Support

Key Points:

• Ripple has integrated Chainlink Price Feeds to provide accurate pricing data for RLUSD.
• Launched on Ethereum and the XRP Ledger with a market value of $53 million, Ripple stablecoin RLUSD is designed for secure, low-cost transactions.

Ripple announces that the company will be integrating Chainlink Price Feeds for resilient price feeds of its United States dollar-backed stablecoin, RLUSD, further toward attaining widespread usage within DeFi.

Read more: Bitwise Physical XRP ETP Now Backed by Ripple 

Ripple Stablecoin RLUSD Gains Expansion with Accurate Pricing for DeFi Applications

The solution mitigates one of the pain points standing in the way of widespread DeFi adoption among institutional players through assurances of unfettered access to tamper-proof premium price data.

The market capitalization of the Ripple stablecoin RLUSD, which was launched last month on both Ethereum and the XRP Ledger, is $53 million. The stablecoin is pegged to the value of the US dollar on a 1:1 basis and is meant for “efficient and secure” transactions of trading, lending, and various other DeFi applications.

A regulatory greenlight from the New York Department of Financial Services allowed Ripple to launch RLUSD on Uphold, Bitso, MoonPay, Archax, and CoinMENA.

Chainlink Integration Gives Traction to Ripple’s Blockchain Finance Ambition

Chainlink’s infrastructure pulls in price data from hundreds of exchanges, weighted by volume and filtered for manipulation, to provide developers with market data that is accurate and secure.

The integration allows for the spread of Ripple stablecoin RLUSD into various DeFi protocols on Ethereum, such as lending and trading. It further facilitates secure, cheap cross-border settlements.

Ripple underscored that Chainlink‘s time-tested infrastructure has enabled more than $18 trillion in transaction value, thus making it an indispensable element in furthering RLUSD’s adoption.