Ripple is entering the decentralized finance (DeFi) sector with its new stablecoin, RLUSD. This stablecoin aims to provide faster and more cost-effective transactions compared to traditional financial systems.
Ripple is positioning RLUSD as a payment solution and a key player in the DeFi ecosystem. The demand for stablecoins is increasing, and Ripple's strategy includes getting decentralized exchanges (DEXs) and DeFi protocols to adopt RLUSD.
To integrate RLUSD into DeFi applications, reliable price data is needed. Ripple has partnered with Chainlink, the largest oracle provider, to ensure accurate and trustworthy data.
RLUSD is compatible with Ethereum and the XRP Ledger, allowing it to interact with smart contracts on both platforms. This compatibility, along with the growing popularity of Ripple's XRP token, contributes to Ripple's position in the cryptocurrency market.
Overall, Ripple's move into DeFi with RLUSD aims to capitalize on the demand for stablecoins and decentralized financial solutions.