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Ripple’s RLUSD Now Relies on Chainlink Price Feeds
In a recent development, Ripple announced that its stablecoin, RLUSD (Real US Dollar Stablecoin), will now utilize Chainlink price feeds to ensure the stability and integrity of the digital asset.
RLUSD is designed to be pegged to the US dollar at a 1:1 ratio, allowing it to maintain its value by constantly tracking the value of the underlying fiat currency. To achieve this goal, Ripple has decided to rely on Chainlink’s decentralized oracle network to provide reliable and trustworthy price data for RLUSD.
According to reports, Ripple’s RLUSD is currently trading at around $71.5 million in market capitalization. Despite the recent announcement, the cryptocurrency has dropped more than 7% in value over the past 24 hours, with investors seemingly unimpressed by the news.
It appears that Chainlink (LINK), the native token of the Chainlink network, is also struggling to gain traction, down over 7% in value in the same period. Despite the decline in price, LINK remains a crucial component of the decentralized oracle network, enabling its users to access critical on-chain data necessary for decision-making.
The RLUSD-Chainlink collaboration aims to ensure that the stablecoin maintains its pegged value by accurately reflecting the market rate of the US dollar. This partnership will not only provide a more stable environment for investors but also strengthen the foundation of RLUSD, which is expected to have significant implications in the decentralized finance (DeFi) space.
While the news may have initially sparked optimism among some investors, it appears that the Ripple announcement has yet to garner the attention and enthusiasm that other market-moving events often do.
Source: u.today
