Ripple Leverages Chainlink Standard to Enhance Seamless Adoption of RLUSD by DeFi Apps

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In simpler terms, Ripple, a leading blockchain payments company that specializes in making cross-border transactions smoother, has entered into a strategic alliance with Chainlink (LINK) network. This partnership aims to incorporate the Chainlink Standard into Ripple’s operations. The goal is to boost the widespread use of their newly launched stablecoin called Ripple USD (RLUSD), which is pegged to fiat currencies.

Additionally, the Chainlink Standard is designed to provide robustness for the RLUSD stablecoin within the digital finance sector, particularly in the Ethereum (ETH) network. By utilizing top-tier Chainlink price data, the RLUSD’s pricing will be established on the Ethereum mainnet, ensuring that DeFi protocols can provide dependable solutions proven through real-world usage.

In the expansion of RLUSD throughout Decentralized Finance (DeFi) networks, it’s crucial to uphold transparent and trustworthy pricing to preserve stability and foster faith in its utility within these decentralized marketplaces. By employing Chainlink’s standard, we can access dependable data on the blockchain, thereby enhancing RLUSD’s functionality across both institutional and decentralized platforms, as highlighted by Jack McDonald, Ripple’s Senior Vice President of Stablecoin.

What the Chainlink Standard Means for Ripple’s RLUSD

1) The value of stablecoins has soared to an impressive $212 billion, with a daily trading volume of approximately $97 billion, driven by increased acceptance of digital assets and web3 technologies. Eager to tap into this expanding market, Ripple Labs is positioning itself for a stake in the growing stablecoin sector, which experts predict will see massive growth in the years ahead.

As a crypto investor, I’m excited about the potential impact of Chainlink Standard on Ripple’s RLUSD. This innovation could make RLUSD a viable option for secure, on-chain DeFi applications. If successful, Ripple might gain ground in the stablecoin market dominated by established players such as USDC (USD Coin), Tether’s USDT, PayPal’s USD, USDD, and First Digital USD, among others. These stablecoins have varying market caps, with USDT leading at $137.22 billion, while Ripple’s RLUSD is yet to reach their levels. However, the integration of Chainlink Standard could be a game-changer for Ripple in the competitive stablecoin landscape.

Market Impact

The collaboration between Chainlink and Ripple Labs could significantly influence the future value of their respective native tokens, LINK and XRP. Furthermore, as Real-Time GDP-Indexed Synthetic USD (RLUSD) continues to gain widespread acceptance for cross-border transactions, it will boost the long-term usefulness of both XRP and LINK.

As a crypto investor, I’ve noticed that following the recent announcement, XRP saw a 2.2% surge in the last 24 hours, trading around $2.43 during the early New York session on Tuesday, January 7. This large-cap altcoin, valued at approximately $242 billion when fully diluted, and averaging about $4.2 billion in daily trading volume, appears to be signaling a potential rally that could lead it toward a new all-time high (ATH).

Furthermore, the price of XRP has surged beyond a prolonged triangle-shaped pattern of fluctuation, which occurred after the election of pro-cryptocurrency US leaders, notably President-elect Donald Trump.

Conversely, Chainlink’s price has been shaping a bullish flag pattern following its successful retest at the significant resistance level approximately $21. This mid-tier cryptocurrency, valued at around $23 billion in total and trading about a billion dollars worth daily on average, seems poised to surge towards its all-time high, boosted by institutional investors.

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2025-01-07 19:09