Ripple Integrates Chainlink Standard to Improve RLUSD Stablecoin Utility

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Ripple is partnering with Chainlink to facilitate the introduction of their new stablecoin, RLUSD, onto the blockchain. One of the main advantages of this partnership lies in the integration of real-time market data directly into the RLUSD blockchain.

Moreover, it’s worth noting that Chainlink continues to offer assistance and utilizes its decentralized network infrastructure. This information was obtained through a private press release sent to BeInCrypto.

Ripple Partners with Chainlink

Ripple, a prominent issuer of cryptocurrencies, has teamed up with Chainlink to enhance the functionality of its newly launched RLUSD stablecoin. After months of planning, Ripple aims to challenge Tether and Circle’s dominance in the stablecoin market. With the live launch of RLUSD, this collaboration will assist in several crucial aspects.

In expanding RLUSD throughout DeFi platforms, it’s crucial to ensure price accuracy and transparency to preserve stability and foster trust. Utilizing Chainlink’s established standard allows us to bring credible data on-chain, thereby enhancing the versatility of RLUSD within both centralized and decentralized applications, as expressed by Jack McDonald, Ripple’s Stablecoin Senior Vice President.

Chainlink, an innovative platform leading in the development of interoperability protocols, presents several significant benefits to Ripple. Its standard facilitates the acquisition of precise, top-tier price feed data for stablecoins, directly integrated within the blockchain. Furthermore, it offers a decentralized network and specialized security node operators to bolster its security features.

Following the early December approval of RLUSD by New York regulators, Ripple has been operating at an accelerated pace. Even before its official launch, it positively impacted other Ripple assets, such as increased inflows to digital exchanges. The newly introduced stablecoin is demonstrating significant potential, and a partnership with Chainlink could help Ripple fully actualize this potential.

Recently, RLUSD made its debut in Asia by securing a placement on the Singapore Stock Exchange’s Independent Reserve platform.

As a researcher, I’ve noticed that Chainlink has been actively incorporating notable entities into its ecosystem. Recently, the company forged a partnership with Coinbase in December, and most recently, they have added Shiba Inu to their standard.

Just like Aave, it saw a rise following a proposal for governance integration with Chainlink. In light of this credibility, Ripple is hopping aboard the Chainlink partnership bandwagon as well.

RLUSD, currently, shows promise in becoming part of Ripple’s prominent asset lineup, such as XRP. This digital coin has only been operational for a brief period, but Ripple is actively working on increasing its public recognition and laying solid groundwork for extensive use.

In an ideal scenario, the standard set by Chainlink is expected to boost its usage and ensure long-term significance within the market.

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2025-01-07 16:33