Today, there is no reliable way to trade RLUSD outside of a few centralized exchanges.
The DeFi contracts available for the RLUSD token are fraudulent.
Ripple announced that it will use Chainlink, the finance standard that connects smart contracts with real-world price data, to enable trading of its new stablecoin (RLUSD) on decentralized exchanges. This decision by the company that created XRP is intended to increase the utility of its stablecoin within cryptocurrency networks, which has a market capitalization of $50 million according to CoinMarketCap at the time of writing.
According to Jack McDonald, vice president senior of stablecoins on Ripple, the use of the Chainlink standard allows the integration of RLUSD with decentralized finance (DeFi).
By enabling seamless functionality in DeFi, RLUSD is well positioned to support an increasing range of use cases in decentralized financial systems.
Jack McDonald, senior vice president of stablecoins at Ripple.
According to the media that obtained a exclusive interview of the executive, the developers in the Ethereum network They can now include the Ripple stablecoin in the range of tokens and cryptocurrencies available on DeFi platforms of the network. RLUSD will be available within the services that these decentralized platforms offer, which are usually cryptocurrency loans, token exchanges and trading.
“The integration of Chainlink Price Feeds provides RLUSD with the essential infrastructure it needs to deliver accurate and decentralized price data to DeFi applications. This ensures that protocols that use RLUSD for a wide range of financial activities can operate reliably and transparently,” commented Jack McDonald.
RLUSD is not available in DeFi, yet
When checking out Uniswap, Ethereum’s leading DeFi exchange, The stablecoin is not seen to be officially available to be usedand instead shows four different token contracts identified as RLUSD, some (or all) of which may be fraudulent.
For the same reason, Uniswap displays a warning to the user indicating that The tokens associated with said contracts are not available for trading on any centralized exchange.
As Uniswap also shows, RLUSD is not yet available for DeFi trading on most popular cryptocurrency networks. It is not, for example, in Polygon, Arbitrum, Optimism, BNB Chain or Avalanche. Ripple’s announcement about RLUSD allows us to hope, thanks to its integration using Chainlink, that the stablecoin will soon be available for decentralized trading.
This indicates that, although the news of Ripple’s integration into DeFi came out today, the currency still needs to be officially integrated, de facto, within of decentralized exchanges.
CoinMarketCap, which shows the availability of a cryptocurrency across decentralized finance protocols, confirms that access to the Ripple stablecoin is limited or non-existent. The page, one of the most reliable market sources in the bitcoin and cryptocurrency ecosystem, still does not show information about where to buy or sell the stablecoin without going to a few centralized exchanges, such as Bitstamp or Bitso.
