With Ripple Chainlink, RLUSD aims to boost Stablecoin’s DeFi utility

Ripple, an enterprise-oriented blockchain service closely related to the XRP Ledger (XRP), said on Tuesday that it will use Chainlink’s data provider (LINK) services to better integrate its RLUSD stablecoin with decentralized finance (DeFi) applications.

The feature, which went live on the Ethereum blockchain today, will allow developers to embed RLUSD into DeFi protocols for trading, lending and other activities.

company went out its USD-pegged stablecoin RLUSD launched last month to the wider public on the Ethereum and XRP Ledger networks. Currently, Token has a market capitalization of 72 million dollars, according to Data from CoinGecko.

By adopting the Chainlink standard, Ripple aims to accelerate the adoption of RLUSD in decentralized finance (DeFi) and increase its appeal for secure, low-cost cross-border payments. DeFi applications often require reliable price data to manage the risks associated with using a stablecoin. The Chainlink infrastructure, which has over $18 trillion in transaction value per protocol, is filling this gap.

“By enabling seamless functionality across DeFi, RLUSD is well positioned to support a growing range of use cases in decentralized financial systems,” Jack MacDonald, senior vice president of stablecoins at Ripple, told CoinDesk.

“The integration of Chainlink Price Feeds provides RLUSD with the basic infrastructure needed to deliver accurate and decentralized price data to DeFi applications,” he added. “This will ensure that the protocols used by RLUSD for a wide range of financial activities operate reliably and transparently.”