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Ripple teams up with Chainlink to optimize use of RLUSD stablecoin
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THE Ripple announced that it will use the Chainlink standard to provide high-quality price data for its stablecoin, the Ripple USD (RLUSD). The company announced the launch of the token, which will seek to maintain a 1:1 peg with the US dollar, in December.
According to Ripple, the idea is that its stable digital currency will be more agile than competitors USDT and USDC.
Issued on the XRP Ledger and the Ethereum blockchain, the RLUSD is natively compatible with smart contract applications, especially in decentralized finance (DeFi). However, for RLUSD to be adopted and able to match established rivals in the market, it is crucial that these DeFi applications access a network of reliable price data.
This is where the partnership with Chainlink comes in. This is because the collaboration will allow Ripple, operating on the Ethereum network, to access reliable and secure offchain data. These data are essential for operating DeFi applications that require accurate pricing information to manage risk.
What changes for RLUSD operates
The foundation has an infrastructure with price feeds that aggregate data from hundreds of exchanges, being responsible for more than 18 trillion in operations.
Furthermore, Chainlink price feeds are recognized for their high quality, security and decentralization. This strengthens the usefulness of RLUSD in financial markets, both institutional and decentralized. With this collaboration, Ripple aims to accelerate the adoption of stablecoin-based payments by offering instant, low-cost settlements on financial transactions.
By using the decentralized oracle infrastructure of Chainlink to provide high-quality price data, Ripple seeks to ensure its token maintains 1:1 peg with the US dollar and implement secure and agile operation in decentralized finance (DeFi) applications.
Thus, it expands the usefulness of RLUSD in financial markets. At the same time, it offers a competitive alternative to established stablecoins like USDT and USDC. For investors, This means greater security in your transactions, potential for instant and low-cost settlements.
Furthermore, there is promise of significant growth in the use of tokenized assets in the future, increasing trust and transparency in an often volatile and risky space. This evolution can attract more users and investors to the Ripple ecosystem, creating opportunities for the appreciation of the assets involved.
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Ripple teams up with Chainlink to optimize use of RLUSD stablecoin
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Ripple teams up with Chainlink to optimize use of RLUSD stablecoin
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Ripple teams up with Chainlink to optimize use of RLUSD stablecoin
