Ripple is taking big steps to strengthen the adoption and growth of their own stablecoin, RLUSD, by 2025. The blockchain company leverages the largest oracle network, Chainlink (LINK), to power Decentralized Finance (DeFi) applications for RLUSD.
This integration with LINK’s blockchain technology can not only accelerate the growth of RLUSD, but also positively impact the price trend of XRP.
Chainlink Price Feeds Support RLUSD in DeFi
Using Chainlink’s price feeds, RLUSD can be deployed in DeFi protocols for easy trading and loan setup. Chainlink collects cryptocurrency prices from hundreds of exchanges and weights them based on trading volumes. In addition, filters are applied to minimize manipulation by malicious parties. This makes it possible to create secure on-chain trading pairs between various cryptocurrencies, including RLUSD.
Essential for RLUSD growth
The partnership with Chainlink strengthens Ripple’s position in the growing institutional DeFi market by providing reliable pricing systems and scalable infrastructure. Jack McDonald, Senior Vice President of Stablecoin at Ripple, emphasizes the importance of this partnership:
“As RLUSD continues to expand within DeFi ecosystems, reliable and transparent pricing is essential to ensure stability and build confidence in its usefulness within decentralized markets,” McDonald said.
RLUSD Sees Increase in Trading Volume
RLUSD is growing steadily. On January 4, the stablecoin reached a daily trading volume of over $35 million. While this is significantly less than the trading volumes of market leaders like Tether (USDT) and USD Coin (USDC)—$96 billion and $11 billion per day, respectively—RLUSD is already outperforming some other projects, such as PayPal USD (PYUSD).
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Source: https://newsbit.nl/ripple-gebruikt-chainlink-technologie-voor-defi-uitbreiding-met-rlusd/
