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Journalist
Sead Fadilpašić
Journalist
Sead Fadilpašić
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Ripple, a provider of digital asset infrastructure for financial services, announced that it has begun leveraging the Chainlink standard, aiming to bring the Ripple USD (RLUSD) stablecoin pricing data on-chain.
According to the press release shared with Cryptonews, Chainlink Price Feeds are now live and provide a source of verifiable RLUSD pricing data on the Ethereum mainnet.
DeFi developers can integrate RLUSD support into their applications for various use cases, including trading and lending.
This move enables Ripple to enhancing the utility of RLUSD across the on-chain economy, the team said, and provide the RLUSD ecosystem access to high-quality off-chain data through Chainlink’s infrastructure.
Johann Eid, Chief Business Officer at Chainlink Labs, commented that “the adoption of tokenized assets such as stablecoins will continue to accelerate in the coming years, and having access to critical on-chain data will accelerate the process.”
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RLUSD’s Adoption Within DeFi
Ripple announced the RLUSD launch in December 2024. This is a USD-denominated stablecoin issued on the XRP Ledger (XRPL) and Ethereum blockchains.
Additionally, it is natively composable with smart contract applications such as those found in DeFi.
That said, there is an obstacle that had to be overcome. In order to support RLUSD as an asset ans enable secure on-chain markets around coin, the team explained, many DeFi applications need a source of high-quality price data.
Furthermore, the fresh asset prices must be delivered directly on-chain in a highly reliable and tamper-proof way.
This allows the teams behind those applications to manage risks.
This is what the Chainlink standard does. Ripple aims to leverage it to fast-track RLUSD’s adoption within DeFi.
“As RLUSD scales across DeFi ecosystems, reliable and transparent pricing is essential to maintaining stability and building trust in its utility within decentralized markets,” stated Jack McDonald, the Senior Vice President (SVP) of Stablecoin at Ripple.
“By leveraging the Chainlink standard, we bring trusted data on-chain, further strengthening RLUSD’s utility across both institutional and decentralized applications,” he added per the press release.
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Critical Features
According to the press release, Ripple chose Chainlink Price Feeds because it provides a number of critical features.
Crucially, as noted above, it provides high-quality data. Chainlink Price Feeds sources data from many premium data aggregators and hundreds of exchanges. It weights data by volume and cleans it of outliers and wash trading, said the announcement.
Furthermore, independent, Sybil-resistant, security-reviewed oracle nodes with a long record of reliability secure Chainlink Price Feeds. Also, major blockchain DevOps teams, data providers, and traditional enterprises run it.
Moreover, Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels. This protects against downtime and tampering by the data provider or oracle network.
Finally, Chainlink has a strong reputation framework and set of on-chain monitoring tools for users to independently verify the historical and real-time performance of node operators and oracle networks.
Meanwhile, the XRP price has seen a significant increase of 18% over the past week, currently trading at $2.44.
It’s also up 2.5% in a day and 331% in a year.
At the same time, the LINK price is unchanged in a day, up 13.8% in a week and 74% in a year.
It currently trades at $23.45.
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