Bybit has moved its Ripple-linked stablecoin initiative into a second phase after the RLUSD Hold & Earn program crossed $50 million in assets under custody. The program, first launched in July 2026, accumulated that figure within 11 days, according to the exchange, prompting an expansion in partnership with Ripple.
Phase 2 introduces dual daily rewards in both RLUSD and XRP, with total annualized returns scaling based on how long users hold the assets. Users keeping RLUSD for 30 days or more can receive up to a 2x bonus on the XRP reward portion, with promotional materials pointing to potential yields of up to 21.5% APR across XRP and RLUSD. The offer requires no subscription or lock-up, and eligible users simply need to hold RLUSD to earn automatically.
The campaign is supported by Ripple’s milestone-based incentive program. RLUSD is a USD-backed stablecoin issued by Ripple and natively minted on the XRP Ledger, Ethereum, and other blockchains. It is backed by segregated cash and cash equivalents and redeemable 1:1 for US dollars.
The expansion matters not only for Bybit’s product line but for stablecoin liquidity dynamics. Bybit is the world’s second-largest crypto exchange by trading volume, with more than 80 million users, and the program turns idle stablecoin balances into sticky exchange deposits. Yet the $50 million in custody remains modest compared with total stablecoin balances across major venues, and participants still face platform risk and evolving regulatory scrutiny around stablecoin yield products.
