Ripple plans to use the Chainlink standard to securely access reliable price information about its RLUSD stablecoin, which operates on the Ethereum blockchain.
By integrating RLUSD, developers can leverage it for building reliable decentralized finance (DeFi) apps like trading and lending, offering them accurate and dependable on-chain pricing information directly.
As stated in the announcement, Chainlink operates by gathering data from multiple exchanges, filtering out irrelevant aspects such as wash trading and inconsistencies. This results in an accurate and volume-weighted price that remains robust against manipulation.
This data is effectively distributed using on-chain methods, ensuring it hasn’t been altered. Ripple turned to Chainlink to tap into its decentralized Oracle network, as this network delivers RLUSD with reliable and secure resources, even during high gas prices or network disruptions.
Johann Eid, the Chief Business Officer at Chainlink Labs, stated that the use of tokenized assets like stablecoins is expected to increase rapidly in the upcoming years. He added that gaining access to essential on-chain data would further speed up this process.
In a decentralized setup like Chainlink, there’s minimal chance of service disruptions or direct manipulation of price data, which is crucial for DeFi markets. By teaming up with Ripple, Chainlink can facilitate broader adoption of RLUSD within the DeFi sector, maintaining trust and stability in the stablecoin’s pricing mechanism.
In a recent statement, Jack McDonald, Senior Vice President of Stablecoin at Ripple, highlighted that by adopting the Chainlink standard, they aim to introduce reliable data onto the blockchain, thereby enhancing the functionality of RLUSD.
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2025-01-07 19:16