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Ripple Integrates Chainlink Standard for Secure Pricing Data on New RLUSD Stablecoin

January 8, 2025
in Australian Crypto News
Reading Time: 2min read
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Ripple Integrates Chainlink Standard for Secure Pricing Data on New RLUSD Stablecoin
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  • Ripple has partnered with Chainlink to enhance the utility and adoption of its RLUSD stablecoin.
  • The partnership with Chainlink is expected to boost RLUSD’s market presence by offering transparent pricing and reliable data.

Ripple Labs is moving forward with its partnership with crypto’s largest decentralised oracle network, Chainlink (LINK). 

The company is looking to expand the utility and adoption of its RLUSD stablecoin across Ethereum’s decentralised finance (DeFi) ecosystem.

Why Chainlink? Well, it has a track record of transactions exceeding US$18 trillion (AU$28.8 trillion), so that speaks for itself. 

Moreover, Chainlink’s robust infrastructure collects data from multiple sources, generating volume-weighted average prices that resist manipulation and inaccuracies, which is suitable for projects looking for efficient, transparent, and reliable data.

Related: Bitcoin Re-Claims $102K Mark as Analysts Warn of Potential Pullback

Johann Eid, chief business officer at Chainlink Labs, noted that the collaboration would promote broader adoption of tokenised assets by ensuring consistent access to on-chain data.

The adoption of tokenized assets such as stablecoins will continue to accelerate in the coming years and having access to critical onchain data will accelerate the process.

Johann Eid, Chainlink Labs

RLUSD On A Mission

RLUSD operates on both the XRP Ledger (XRPL) and Ethereum, reinforcing its cross-chain stablecoin status. However, Ripple has expressed its desire to extend support to additional blockchains if it means facilitating low-cost, instant settlement for both local and international payments.

This integration with Chainlink also means developers can integrate RLUSD with more confidence as it will leverage reliable pricing to enhance lending and trading. As of January 2025, RLUSD has a market capitalisation of US$72 million (AU$114 million). The partnership with Chainlink is expected to strengthen its market presence.

Related: SUI Makes New All-Time HIGH, Moves to Twelfth Spot in Market Cap

Jack McDonald, SVP of Stablecoin at Ripple, noted how important transparent pricing and data are for building trust for RLUSD in the market:

By leveraging the Chainlink standard, we bring trusted data onchain, further strengthening RLUSD’s utility across both institutional and decentralized applications.

Jack McDonald, Ripple

Credit: Source link

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