In a strategic move, American financial technology company Ripple and Chainlink, a provider of blockchain-based oracles, are joining forces to expedite the widespread usage of Ripple’s stablecoin, known as Ripple USD, in cross-border transactions.
As a crypto investor, I’m excited about the news that Ripple has embraced the Chainlink standard for seamless access to robust and trustworthy pricing data associated with their newly introduced Ripple USD (RLUSD) stablecoin, as announced by Chainlink on the 7th of January.
As a researcher, I’d express it this way: “I am working with a stablecoin developed by Ripple, which is a robust, dollar-backed digital currency designed with trustworthiness, practicality, and regulatory compliance as its foundational principles.
Another Stablecoin Enters Crowded Market
In simpler terms, Chainlink’s price oracles deliver current value information about RLUSD (a stablecoin) on the Ethereum network. This allows Decentralized Finance (DeFi) apps to incorporate RLUSD for trading, lending, and various other functions by having real-time access to its price data.
The digital currency known as RLUSD can be found on both the XRP Ledger and Ethereum blockchain platforms. This dual compatibility allows for seamless integration with smart contract applications and Decentralized Finance (DeFi) systems, making it a versatile choice for various financial transactions.
Ripple is now utilizing the Chainlink protocol to acquire robust and secure pricing information concerning their newly introduced Ripple USD (RLUSD) stablecoin.
Discover the methods behind setting up Chainlink Price Feeds, which are poised to boost the use of RLUSD throughout the Decentralized Finance (DeFi) community.
— Chainlink (@chainlink) January 7, 2025
According to Johann Eid, Chief Business Officer at Chainlink Labs, “The use of tokenized assets like stablecoins is expected to grow rapidly in the near future. Accessing essential on-chain data will speed up this growth process.
Using the Chainlink standard, Jack McDonald, SVP at Ripple, stated that we can deliver reliable data to the blockchain, thereby enhancing the usefulness of RLUSD for both institutional and decentralized applications.
RLUSD is entering a crowded stablecoin market dominated by Tether, which has a 65% market share.
As an analyst, I’m observing that the market capitalization of stablecoins has reached a new peak, approximately $212 billion. This figure represents roughly 6% of the overall crypto asset market. According to CoinGecko’s records, there are currently 232 stablecoins or token derivatives listed on their platform.
XRP and LINK Slide
On Tuesday, when the market as a whole experienced a downturn, the announcements made no difference to the performance of their associated tokens for that particular pair.
Today, Ripple’s XRP experienced a decrease of 6.4%, dropping from $2.45 to $2.28 as we speak. Yet, it continues to show an increase of 6.6% for the past week and has seen a remarkable surge of approximately 340% over the last three months.
XRP remains around 34% down from its peak price of $3.40, which came seven years ago this week.
As an analyst, I’m observing a significant 11.7% drop in Chainlink’s LINK price at the moment, which has fallen from approximately $23.50 to $20.50. The broader altcoin market seems to be experiencing a correction, contributing to this decline. Interestingly, LINK reached a three-year high of over $30 in mid-December, but unfortunately, it hasn’t been able to sustain that level and currently stands 59% lower than its all-time high of $52.70 from May 2021.
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2025-01-08 10:46