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Ripple Labs is strengthening its partnership with Chainlink, the leading decentralized oracle network, to advance the utilization of the RLUSD stablecoin within the decentralized finance (DeFi) ecosystem on Ethereum.
What Benefits Does Chainlink Offer?
Chainlink’s extensive infrastructure, which has processed over $18 trillion in transactions, demonstrates its capability to provide dependable and transparent data. Ripple plans to harness this robust data to bolster RLUSD’s market visibility.
How Will RLUSD Expand Its Reach?
As a cross-chain stablecoin, RLUSD operates seamlessly on both the XRP Ledger (XRPL) and Ethereum. Ripple is also looking to expand its support to additional blockchains, aiming for low-cost and instantaneous settlements for various payments.
The collaboration is expected to foster developer confidence through the use of reliable pricing data, enhancing lending and trading operations. Key points include:
- RLUSD’s market value projected to reach $72 million by January 2025.
- Tokenized asset adoption, particularly of stablecoins, is likely to accelerate.
- Access to essential on-chain data will streamline this growth.
Johann Eid from Chainlink Labs noted that this partnership would promote the broader adoption of tokenized assets by ensuring constant access to on-chain data. Meanwhile, Jack McDonald, Ripple’s Senior Vice President of Stablecoin Division, highlighted the significance of reliable pricing and transparent data in enhancing RLUSD’s credibility in the market. This collaboration is set to fortify RLUSD’s position, paving the way for its increased adoption in the DeFi realm.