Ripple is teaming up with Chainlink to boost the use and value of their RLUSD stablecoin within the Decentralized Finance (DeFi) community by working together on projects.
In simpler terms, this partnership allows Chainlink’s decentralized data provider network to supply safe and trustworthy price information for RLUSD trades on both the XRP platform and Ethereum.
Ripple-Chainlink Partnership
In a recent press release, Ripple unveiled their partnership, emphasizing its positive impact on their newly-launched stablecoin, RLUSD. This coin was introduced in December 2024, several months following the project’s announcement. The launch sparked optimism within the stablecoin market, primarily controlled by Tether (USDT) and Circle (USDC). Linking with Chainlink is a crucial move to enhance competition within this market.
As a researcher, I’m thrilled to share that we at Ripple have formed a partnership with Chainlink. This collaboration aims to augment the versatility of our $RLUSD within the on-chain economy, using the power of Chainlink’s $LINK.
Chainlink’s strong network handles around $18 trillion worth of transactional value. This collaboration will enable RLUSD to utilize this system for real-time market data, which is essential for their applications like trading, payments, and lending. Jack McDonald, Ripple’s Senior Vice President of Stablecoin, discussed the partnership, emphasizing that it would offer such benefits.
In his statement, he emphasized that as RLUSD expands throughout Decentralized Finance (DeFi) networks, it’s crucial to have accurate and transparent pricing for maintaining stability and fostering trust. By adopting the Chainlink standard, we can access dependable data directly on the blockchain, thereby enhancing RLUSD’s utility across a variety of applications, both institutional and decentralized.
A Broader Effort
In simpler terms, Chainlink’s collaboration with Ripple is part of a larger initiative to offer decentralized data services to blockchain projects. Previously, Chainlink has teamed up with Coinbase’s Project Diamond, which operates under the Abu Dhabi Global Market regulations, to handle tokenized assets. These partnerships showcase Chainlink’s ability to foster widespread DeFi adoption. Key figures from Chainlink, Colin Cunningham and Johann Eid, have commended this collaboration, labeling it a significant step for both companies. They underscored the importance of reliable on-chain data in promoting stablecoin acceptance and supporting institutional DeFi. The integration enables the RLUSD stablecoin to function smoothly within decentralized markets while ensuring compliance and affordability.
The introduction of the RLUSD stablecoin and collaboration with Chainlink are taking place as major European exchanges stop listing USDT due to its failure to comply with the MiCA regulations. This withdrawal and regulatory change creates a chance for new stablecoins to increase their presence in Europe. According to CryptoQuant, the RLUSD stablecoin is already gaining attention, with multiple transactions having taken place on both the XRP ledger and Ethereum since its launch.
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2025-01-08 17:04