Bybit has launched a limited-time promotion for its Ripple USD stablecoin, RLUSD, rolling out an “Hold & Earn” rewards campaign that runs through August 19, 2026. The initiative is designed to drive user engagement around RLUSD by offering daily rewards for eligible customers who hold or trade the token, alongside a temporary reduction in trading fees for the RLUSD/USDT spot market.
According to Bybit, RLUSD’s market capitalization has grown to more than $1.5 billion in 2026, supported by expanding usage across exchanges, banks and other financial institutions. Bybit said the campaign’s rewards are promotional incentives rather than interest or yield tied to the stablecoin’s value.
Key takeaways
- Price move: No direct trading price move for RLUSD was cited in the announcement.
- Catalyst: Bybit launched a time-limited RLUSD “Hold & Earn” rewards campaign paired with lower spot trading fees for the RLUSD/USDT pair.
- How it works: Daily rewards are calculated from eligible RLUSD holdings in Bybit accounts, without staking or lock-up requirements.
- Key implication: The promotion may increase short-term RLUSD balances on Bybit and boost spot activity around the RLUSD/USDT market during the promotional window.
What drove Bybit’s RLUSD promotion
Bybit’s campaign centers on RLUSD, a US dollar-backed stablecoin issued by Ripple and available on the XRP Ledger, Ethereum and other blockchains. In its announcement, Bybit said RLUSD is backed by segregated reserves of cash and cash equivalents and is redeemable one-to-one for US dollars.
Under the “Hold & Earn” program, eligible users can earn daily rewards on RLUSD held in their Bybit accounts. Bybit did not describe any staking mechanism, lock-up or yield product structure; instead, it framed the payments as promotional incentives.
Participation has a defined participation threshold, with users able to join the program with a minimum balance of 1 RLUSD. Bybit also said balances are snapshotted 24 times per day, with rewards calculated based on eligible daily holdings up to a cap of 5 million RLUSD per user.
Market mechanics: rewards, fee cuts and the trading competition
Bybit said the campaign includes a loyalty multiplier that increases rewards for users who continue holding RLUSD over time. The company also laid out fee changes for trading the RLUSD/USDT spot pair during the promotional period.
According to Bybit, maker fees were reduced from 0.10% to 0%, while taker fees were cut from 0.10% to 0.04% for the spot pair. The exchange also introduced an “RLUSD Trading Competition,” awarding a prize pool of 50,000 RLUSD based on eligible RLUSD spot trading activity.
Institutional clients, Bybit said, can participate in the “Hold & Earn” portion of the campaign but are not eligible for the trading competition.
Why investors may care about stablecoin campaigns
Stablecoin-focused exchange promotions can influence near-term flows by encouraging traders and holders to concentrate balances on a particular venue during the promotional window. By offering daily rewards tied to RLUSD holdings—combined with reduced trading fees for the RLUSD/USDT pair—Bybit is effectively lowering the cost of trading while increasing the potential benefit of holding RLUSD on-platform.
Bybit’s framing also points to broader adoption themes: the exchange said RLUSD’s market capitalization has exceeded $1.5 billion in 2026 and referenced uptake beyond exchanges, including banks and other financial institutions. While the announcement does not provide performance data for RLUSD itself, the combination of fee incentives and holding rewards could support incremental spot liquidity and activity on Bybit during the campaign.
At the same time, Bybit emphasized that the promotional rewards should not be treated as interest, yield or investment returns on RLUSD. For market participants, that distinction matters because stablecoin economics and promotional incentives operate differently from traditional investment products.
Bigger picture and what to watch next
With the campaign running through August 19, 2026, traders and holders may look for changes in RLUSD balances and spot volumes on Bybit—especially in the RLUSD/USDT market—during the fee-reduction and rewards period. Market watchers may also assess whether the promotion expands participation beyond existing holders and whether similar incentives emerge from other venues.
In the near term, investors will likely focus on the rollout details of the rewards schedule and any follow-on announcements tied to RLUSD adoption across regulated financial channels, alongside broader crypto-market drivers such as stablecoin demand trends and macro expectations for interest rates and liquidity.
