Ripple is advancing its RLUSD stablecoin by integrating the Chainlink Standard to enhance on-chain functionality. This strategic alliance aims to bring real-time price data directly onto RLUSD’s blockchain, signifying a pivotal step in reinforcing the stablecoin's utility.
In addition to live price integration, Chainlink will offer ongoing support through its decentralized network services. This development was initially revealed through an exclusive press release to BeInCrypto.
Ripple, a frontrunner in the cryptoasset domain, has joined forces with Chainlink to broaden the RLUSD stablecoin's application. After months of preparation, Ripple is set to challenge the market dominance of Tether and Circle. With RLUSD now operational, the collaboration is set to boost several essential features.
"Scaling RLUSD across DeFi ecosystems necessitates reliable and transparent pricing for stability and trust-building," stated Jack McDonald, SVP of Stablecoin at Ripple. "Utilizing the Chainlink standard, we reinforce RLUSD’s utility in both institutional and decentralized applications by securing trusted data on-chain."
Chainlink, a leader in interoperability protocols, is poised to deliver key advantages to Ripple. The integration offers a high-quality price feed directly on the blockchain, decentralized network support, and dedicated security node operators.
Following its approval from New York regulators in early December, RLUSD has prompted a swift response from Ripple, enhancing the company’s broader asset suite and increasing exchange inflows. The stablecoin's partnership with Chainlink is expected to further these gains.
Recently, RLUSD expanded into the Asian market, securing a listing on Singapore’s Independent Reserves exchange.
Chainlink has been busy incorporating several high-profile entities into its network. The company established partnerships with Coinbase in December and more recently incorporated Shiba Inu.
Similarly, Aave saw a surge after a governance proposal for Chainlink integration. With these precedents, Ripple’s alignment with Chainlink is a strategic move.
RLUSD is positioned to join Ripple's premier assets like XRP. Despite its relatively recent launch, Ripple is actively working to establish RLUSD’s presence and robust market introduction.
The implementation of Chainlink’s standard is expected to foster adoption and ensure long-term market significance.