Ripple integrates the Chainlink standard to bring its new stablecoin RLUSD on-chain. This partnership brings several key features, especially the integration of price data directly into the RLUSD blockchain.
Additionally, Chainlink will provide ongoing decentralized network services and support. This information is taken from an exclusive press release with TinTucBitcoin.
Ripple Cooperates with Chainlink
Ripple, one of the leading issuers of crypto assets, is partnering with Chainlink to expand the uses of its new stablecoin RLUSD. The company has been planning its launch for several months, aiming to break Tether and Circle’s monopoly on the stablecoin market. Now that RLUSD is live, the partnership will support some of the following key features.
“As RLUSD expands in DeFi ecosystems, reliable and transparent pricing is necessary to maintain stability and build trust. By adopting the Chainlink standard, we bring trusted data onto the chain, further strengthening the usefulness of RLUSD in both institutional and decentralized applications,” said Jack McDonald, SVP of Stablecoins at Ripple, said.
Chainlink, the pioneering platform for interoperable protocols, is bringing many important benefits to Ripple. This standard will enable stablecoins to have high-quality price data, direct on-chain integration, and a decentralized network with dedicated secure node operators.
Since New York regulators approved RLUSD in early December, Ripple has moved quickly. Before launch, it enhanced the company’s other assets, including exchange flows. This new stablecoin has shown a lot of promise, and the partnership with Chainlink will help Ripple deliver on that.
RLUSD also entered the Asian market recently with its listing on Singapore’s Independent Reserves exchange.
For its part, Chainlink has integrated several well-known companies into its standard recently. The company partnered with Coinbase in December and most recently added the Shiba Inu.
Aave also surged after a governance proposal suggested Chainlink integration. With these strengths, Ripple is also entering into a partnership with Chainlink.
RLUSD now has strong potential to join leading Ripple assets such as XRP. The stablecoin has been in operation for less than a month, and Ripple is doing everything it can to build a good public reputation and foundation for large-scale adoption.
Ideally, the Chainlink standard will help drive adoption and ensure long-term relevance in the market.
