Ripple taps Chainlink to boost RLUSD utility and DeFi access

Key Takeaways

Ripple has adopted Chainlink's price feed to improve the utility of RLUSD stablecoin in DeFi applications.
RLUSD is available on multiple exchanges and aims to expand its platform reach to support integration into DeFi.

Ripple is adopting the Chainlink standard to provide reliable price data for its RLUSD stablecoin, aiming to increase its utility across decentralized financial applications, according to a statement shared by the team on December 7 .

The merger follows RLUSD's announcement last December, following regulatory approval from the New York Department of Financial Services. The USD-backed stable has reached a market cap of about $72 million according to CoinGecko, and is available on exchanges including Uphold, Bitso, MoonPay, Archax, and CoinMENA.

To be effectively used in DeFi applications, a reliable on-chain price data stable is required. Ripple has chosen Chainlink Price Feeds because they fulfill this critical need for its RLUSD stablecoin.

“As RLUSD scales across DeFi ecosystems, reliable and transparent pricing is critical to maintaining stability and building trust in its utility within decentralized markets,” said Jack McDonald, SVP, Stablecoin at Ripple.

Now operating on Ethereum, Chainlink Price Feeds provides RLUSD price data that developers can integrate into DeFi applications for trading, lending and other use cases. The infrastructure has enabled more than $18 trillion in transaction value.

“By leveraging the Chainlink standard, we bring reliable data onchain, further enhancing the utility of RLUSD across both institutional and decentralized applications,” said McDonald.

Johann Eid, Chief Business Officer at Chainlink Labs, said:

“We are delighted to work with Ripple on accelerating the adoption of their recently launched RLUSD stablecoin through the adoption of the Chainlink standard for verifiable data. The adoption of tokenized assets such as stablecoins will continue to accelerate in the coming years and having access to essential onchain data will accelerate the process.”

RLUSD is issued on both the XRP Ledger and Ethereum, with plans to expand to other platforms soon. The stablecoin aims to allow low-cost, instant settlement of local and cross-border payments.