Ripple has integrated Chainlink's price feed technology to enhance the functionality of its RLUSD stablecoin in decentralized finance (DeFi) applications. This move aims to provide users with reliable and transparent pricing data.
The RLUSD stablecoin, backed by the U.S. dollar, has achieved a market capitalization of approximately $72 million and is available on various exchanges.
Chainlink's price feeds are crucial for stablecoins, as they require dependable on-chain price data. By adopting Chainlink's standard, Ripple aims to bring trusted data on-chain and improve RLUSD's utility.
The collaboration between Ripple and Chainlink aligns with the growing adoption of blockchain technology for financial transactions. The RLUSD stablecoin is issued on both the XRP Ledger and Ethereum, with plans for expansion to other platforms.
The integration of reliable pricing data is essential for maintaining user confidence and driving adoption. This partnership signifies a technological advancement for RLUSD and reflects the trend of collaborations within the blockchain industry.