Ripple, a leader in blockchain-based payment solutions, has announced a strategic partnership with Chainlink, the decentralized oracle network. The partnership will enhance the functionality and adoption of Ripple’s RLUSD stablecoin in decentralized finance (DeFi) markets.
The collaboration aims to provide stability, reliability, and utility for RLUSD within the rapidly evolving DeFi ecosystem.
RLUSD to Provide Seamless Transactions
RLUSD is Ripple’s recently introduced stablecoin, pegged to the US dollar, designed to facilitate seamless and cost-efficient transactions across blockchain networks. With its roots in Ripple’s highly scalable and secure ledger, RLUSD has already begun to attract attention for its potential in cross-border payments and liquidity provisioning. The integration also aims to minimize the chances of manipulation or system downtime.
On the other hand, Chainlink is renowned for its decentralized oracle services, which securely and tamper-proofly connect blockchain-based applications to real-world data. Through this partnership, Chainlink’s oracles will provide RLUSD with reliable price feeds, enhancing its utility in various DeFi applications such as lending and borrowing.
By integrating Chainlink’s infrastructure, Ripple aims to mitigate risks associated with price discrepancies and ensure that RLUSD can operate seamlessly across multiple DeFi platforms. The integration will enhance transparency and trust, which are key components for stablecoin adoption in the broader crypto market.
The partnership is anticipated to open new avenues for RLUSD in the DeFi ecosystem. Developers can confidently utilize RLUSD in smart contracts, assured of reliable and real-time data access.
Chainlink Partnering With Big Platforms
The announcement comes as Chainlink also partnered with Project Diamond, a project asset platform established by Coinbase for global institutions. Regulated by the Financial Services Regulatory Authority of the Abundance Dhabi Global Markets, this integration enables data access and supports the comprehensive lifecycle management of newly tokenized assets.
The decentralized oracle provider also launched Smart Value Recapture (SVR), a specialized oracle service designed to capture profits from maximum extractable value (MEV) and redirect them to support DeFi protocols.
According to a proposal on Aave’s governance forum, the decentralized platform Aave is also considering incorporating a new Chainlink oracle to directly channel profits from transaction back-running to the decentralized finance (DeFi) protocol users.
