coindesk.com
Ripple, an enterprise-focused blockchain service closely related to the $XRP Ledger ($XRP), said Tuesday that it will use data provider Chainlink's (LINK) services 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 rolled out its U.S. dollar-pegged $RLUSD stablecoin to the broader public on Ethereum and the $XRP Ledger networks last month. Currently, the token has a $72 million market capitalization, according to CoinGecko data.
By adopting the Chainlink standard, Ripple aims to accelerate $RLUSD adoption across decentralized finance (DeFi) and boost its appeal for secure, low-cost cross-border payments. DeFi applications often require reliable pricing data to manage risks associated with stablecoin use. Chainlink’s infrastructure, which have facilitated over $18 trillion in transaction value according to the protocol, bridges this gap.
"By enabling seamless functionality across 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.
"Integrating Chainlink Price Feeds provides $RLUSD with the essential infrastructure it needs to deliver accurate and decentralized pricing data to DeFi applications", he added. "This ensures that protocols using $RLUSD for a broad range of financial activities can operate reliably and transparently."