Ripple is adopting the ChainLink standard to accelerate the integration of RLUSD with DeFi
On Tuesday, #Ripple announced that it will use the #ChainLink Data Provider (LINK) service to improve the integration between its RLUSD stable coin and decentralized financial applications (DeFi).
Notably, the feature, which launched today on the #Ethereum blockchain, allows developers to incorporate RLUSD into the #DeFi protocol for trading, lending and other activities. Just last month, Ripple launched a stable RLUSD token pegged to the U. S. dollar on the Ethereum and XRP Ledger networks. The token currently has a market capitalization of $72 million.
XRP Ledger (XRPL) and issued on the Ethereum blockchain, RLUSD is initially compatible with smart contract applications such as DeFi. However, to support RLUSD as an asset, many DeFi applications first require a high-quality and reliable source of pricing data for risk management;
Chainlink Standard overcomes these limitations and will enable DeFi To accelerate RLUSD adoption and provide a single solution that provides the data needed to realize the full potential of the stackcoin
By partnering with Ripple and adopting the Chainlink Standard for verifiable data, their recently launched stackcoin We are very excited to accelerate RLUSD adoption.
Adoption of tokenized assets such as stablecoins will grow in the coming years, and access to important data on the chain will accelerate this process.
Johann Eide, business director at Chainlink Labs, added:
Ripple is committed to accelerating the adoption of RLUSD in decentralized finance (DeFi) and expanding its use for secure, low-cost cross-border payments through Adoption.
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