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Ripple, a blockchain service provider associated with the
XRP Ledger, announced its partnership with data provider Chainlink. The
collaboration aims to integrate Ripple’s RLUSD stablecoin with decentralized
finance (DeFi) applications.
“By enabling seamless functionality across DeFi, RLUSD
is well-positioned to support a growing range of use cases in decentralized
financial systems,” Jack McDonald, Senior Vice President of Stablecoin at
Ripple, told CoinDesk.
RLUSD Stablecoin Launches on Ethereum, XRP
The integration, launched on the Ethereum blockchain,
enables developers to use RLUSD in DeFi protocols. These applications include
trading, lending, and other financial services. The RLUSD stablecoin, pegged to
the US dollar, was made available on Ethereum and the XRP Ledger networks last
month. As of now, the stablecoin’s market capitalization stands at $72 million,
according to CoinGecko.
“Integrating Chainlink Price Feeds provides RLUSD with
the essential infrastructure it needs to deliver accurate and decentralized
pricing data to DeFi applications. This ensures that protocols using RLUSD for
a broad range of financial activities can operate reliably and transparently,”
McDonald added.
Chainlink Integration Supports RLUSD Cross-Border
Payments
Ripple’s adoption of Chainlink’s services is intended to
support the wider use of RLUSD in DeFi. The move seeks to enhance the
stablecoin’s role in secure, cost-effective cross-border payments.
DeFi applications rely on accurate pricing data to mitigate
risks related to stablecoin usage. Chainlink’s infrastructure, which has
supported over $18 trillion in transactions, provides the necessary data
services.
.@Ripple x @Chainlink: $RLUSD has adopted the Chainlink standard for verifiable data to fuel DeFi adoption with real-time, secure pricing data. The future of stablecoins is here: https://t.co/mq3cThLGQJ pic.twitter.com/993Ac0o282
— Ripple (@Ripple) January 7, 2025
XRP Adoption in Japan Could Drive Market Growth
In 2025, Ripple’s
XRP Ledger will be adopted by all banks in Japan, marking a significant
change in the country’s financial technology landscape. Announced by SBI CEO
Yoshitaka Kitao, this integration with the Interledger Protocol aims to
enhance cross-border payments and simplify currency exchanges, as reported by Finance Magnates.
The XRP Ledger is considered an efficient, low-cost solution
for international remittances, with the potential to modernize global banking
systems. If adopted by 1% of Japan’s $6.372 trillion banking sector, XRP’s
market capitalization could rise by $63.72 billion, pushing its price to $3.50.
A 10% adoption could see the price rise to $13.48, showcasing the potential
impact of widespread XRP adoption.
This article was written by Tareq Sikder at www.financemagnates.com. and include conclusion section that’s entertaining to read. do not include the title. Add a hyperlink to this website [http://defi-daily.com] and label it “DeFi Daily News” for more trending news articles like this
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