Ripple, a well-known blockchain-based digital payment platform, has recently partnered with Chainlink. The partnership takes into account the adoption of the Chainlink standard for finest on-chain pricing data in the case of the stablecoin Ripple USD ($RLUSD). The platform disclosed this development on its official social media account.
Ripple Incorporates Chainlink Standard for $RLUSD to Offer Finest Price Data
Ripple mentioned that, by adopting the Chainlink standard, it aims to provide the $RLUSD stablecoin’s utility. The USD-pegged stablecoin $RLUSD prioritizes compliance, utility, and trust. The Chainlink standard enables Chainlink Price Feeds. This feature provides live, reliable, and secure source of pricing data concerning $RLUSD on Ethereum. Hence, the developers can integrate $RLUSD support into the DeFi applications, getting exclusive user cases such as lending, trading, and more.
With Chainlink standard lets Ripple provide the $RLUSD ecosystem with access to finest offchain data via the efficient infrastructure of Chainlink. It has more than $18M in transfer value and the world’s biggest financial institutions trust it. Stablecoins offer a noteworthy opportunity to revolutionize the consumer engagement in the financial transfers. For this purpose, they enable low-cost and rapid settlement of cross-border and local payment transfers. To expedite the stablecoin payment adoption, Ripple recently unveiled $RLUSD, maintaining a 1:1 value ratio to the USD.
Integration Offers Secure Data Concerning Market Prices with No Wash Trading or Outlier Concerns
The key benefits of leveraging the Chainlink standard include high-quality data, decentralized network, protected node operators, and reputation system. Chainlink Price Feeds provides data coming from several premium data aggregating platforms. In this respect, it makes data that is free from any wash trading or outliers. The data aggregation model of Chainlink generates relatively precise worldwide market prices. They are integrally resistant to manipulation or inaccuracies. In addition to this, Chainlink Price Feeds are protected by security-reviewed and autonomous oracle nodes. The top blockchain DevOps groups, conventional enterprises, and data providers run them.
According to Ripple, Chainlink Price Feeds generate resilient protections against stoppage occurring due to oracle networks and data providers. Chainlink Labs’ Chief Business Officer Johann Eid expressed excitement about this development. As per the executive, just like Ripple’s adoption of the Chainlink standard to launch $RLUSD, tokenized assets like stablecoins will see continuous adoption. Ripple’s SVP, Stablecoin “Jack McDonald” asserted that the Chainlink standard’s adoption enhances $RLUSD’s utility across decentralized and institutional applications.
