Ripple, an enterprise-focused blockchain service closely related to XRP Ledger (XRP), said on Tuesday that 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 incorporate RLUSD into DeFi protocols for trading, lending, and other activities.
The company launched its US dollar-pegged RLUSD stablecoin 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 data from CoinGecko.
By adopting the Chainlink standard, Ripple aims to accelerate the adoption of RLUSD in decentralized finance (DeFi) and increase its attractiveness for low-cost, secure cross-border payments. DeFi applications often require reliable price data to manage the risks associated with the use of stablecoins. Chainlink’s infrastructure, which has facilitated over $18 trillion in transaction value under the protocol, closes this gap.
“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 stablecoins at Ripple, told CoinDesk.
“The integration of Chainlink Price Feeds provides RLUSD with the essential infrastructure it needs to deliver accurate and decentralized price data to DeFi applications,” he added. “This ensures that protocols that use RLUSD for a wide range of financial activities can operate reliably and transparently.”
