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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.