Ripple has announced a partnership with Chainlink, marking a significant advancement for its RLUSD stablecoin in the decentralized finance ecosystem. This collaboration, which was revealed on 7th January, introduced sophisticated price feeds across both Ethereum and XRP Ledger networks.
How Does This Affect RLUSD?
The partnership leverages Chainlink’s decentralized oracle network, providing tamper-proof market data essential for DeFi applications. This system aggregates pricing information from multiple trading environments, establishing a robust foundation for RLUSD’s integration into lending and trading platforms. The implementation ensures high-quality data sourcing from premium aggregators, with security-reviewed node operators maintaining network reliability.
Johann Eid, Chief Business Officer at Chainlink Labs, predicts accelerated adoption of tokenized assets like stablecoins in coming years. The infrastructure has already facilitated over $18 trillion in transaction value, demonstrating its robust capability. RLUSD’s implementation on XRP Ledger and Ethereum positions it for cross-chain functionality, with plans for expansion to additional platforms.
Exploring RLUSD’s Market Activity
Ripple Treasury minted 1.79 million RLUSD on the Ethereum chain, while approximately 6.7 million RLUSD transferred within the past 24 hours. Major cryptocurrency exchange Bitstamp moved 1.5 million RLUSD, with Ripple transferring an additional 500,000 RLUSD. The company currently maintains nearly $83 million in reserves backing the stablecoin, with total issuance approaching $80 million.
At press time, RLUSD maintains a 1:1 peg with the US dollar, supported by USD deposits, US government bonds, and cash equivalents. The stablecoin operates under a New York Department of Financial Services limited purpose trust company charter. Jack McDonald, SVP of Stablecoin at Ripple, emphasizes that reliable and transparent pricing is essential for maintaining stability.
RLUSD distribution network encompasses major exchanges, including Uphold, Bitso, MoonPay, Archax, and CoinMENA, with additional listings expected on other platforms. Currently, the stablecoin maintains a market capitalization of $53.09 million.
Ripple’s $100B XRP Holdings Reshape Valuation Ahead of First Attestation Report
CEO Brad Garlinghouse recently disclosed that Ripple’s XRP holdings exceed $100 billion, significantly impacting the company’s valuation beyond the previously reported $11 billion. Despite market speculation of imminent IPO, Garlinghouse has confirmed that the focus is on organic growth and market expansion.
Furthermore, Ripple will release its first attestation report later this month, unveiling the composition of backing assets. This transparency initiative follows the company’s commitment to regular monthly attestations by independent auditors. The integration comes amid growing optimism for crypto regulation, with multiple financial institutions submitting XRP ETF proposals for 2025 approval.
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