US-based giant Ripple has partnered with decentralized oracle network Chainlink (LINK) to improve the adoption and use of its Ripple USD (RLUSD) stablecoin in decentralized finance (DeFi) applications.
The Ripple-Chainlink collaboration will enable Chainlink to integrate price feeds into the Ethereum and XRP Ledger to process accurate and secure data for RLUSD transactions.
This collaboration aims to accelerate the adoption of Ripple’s institutional stablecoin RLUSD across DeFi while addressing risks such as data manipulation or downtime, increasing its appeal for secure, low-cost cross-border payments.
Jack McDonald, Ripple’s senior vice president of stablecoins, said in a statement:
“RLUSD is well positioned to support the growing use cases in decentralized financial systems by providing seamless functionality across DeFi.
Integrating Chainlink provides RLUSD with the underlying infrastructure it needs to deliver accurate and decentralized pricing data to DeFi applications.
This ensures that protocols that use RLUSD for a wide range of financial activities can operate reliably and transparently.”
Colin Cunningham, senior manager at Chainlink Labs, said that the collaboration with Ripple is a great signal for the market and that his team is excited to support the RLUSD launch.
What is Ripple USD (RLUSD)?
RLUSD is a stablecoin backed by the US dollar at a 1:1 ratio. Launched by Ripple, RLUSD is designed to facilitate cost-effective and secure transactions for payments, trading, lending, and other DeFi use cases.
RLUSD was launched on Ethereum (ETH) and XRP Ledger last month.
*This is not investment advice.
