- The Binance rewards campaign will see the exchange distributing $800,000 worth of XRP within four weeks to qualified holders of RLUSD.
- This rewards campaign is helping to spread access to RLUSD through Binance accounts as the stablecoin’s market cap is nearing $2.4 billion.
The Binance rewards campaign for Ripple’s RLUSD stablecoin has kicked off. The rewards campaign will see the exchange giving away $800,000 worth of XRP over four weeks. The rewards are for those users who qualify by holding their RLUSD through certain Binance accounts. Users can get rewards through their Spot, Funding, Earn, and Margin accounts. The exchange will give out rewards to users through XRP distribution every Friday until October 23. There will also be rewards for those users who increase their RLUSD holdings during the rewards campaign period. More rewards can be earned through allocation of funds to RLUSD Simple Earn. Users should hold a minimum of 0.01 RLUSD through their eligible accounts.
Margin Accounts Require Additional Requirements for Borrowed RLUSD
Moreover, there are additional margin rules for users who get RLUSD using Margin borrowing. Binance will apply a 60% haircut to RLUSD gained through borrowed stablecoins. The calculation will take into account the liabilities related to a few supported stablecoins in Margin accounts. Such assets are USDT, USDC, USD1, and FDUSD. Binance will calculate rewards on the basis of the qualifying balance compared to the total pool. The company has not set any maximum reward per participant. Binance will sum sub-account balances at the Master Account level. Only the Master Account will be rewarded in case of a normal account structure. Rewards for broker accounts will be given at the virtual sub-accounts level. Users from restricted countries cannot join this event. They include the USA, UK, European Union, and Canada.
RLUSD Expansion Adds Context to Binance’s XRP Rewards Program
The market capitalization of RLUSD has witnessed growth due to the launch of the rewards program on the platform. The market cap of the stablecoin has been observed growing from about $1.51 billion to approximately $2.45 billion. Presently, the market cap of RLUSD is estimated at an estimate of $2.37 billion. Ripple has also expanded the use of RLUSD and XRP by adding new payment infrastructure.
Both assets have been incorporated into AI agents for payment processing through Stripe and the Tempo protocol. XRP has been valued at about $1.51 after touching its 24-hour high at $1.64. The token has fallen by about 6% ahead of the monthly expiry of cryptocurrency options. Volume of XRP has decreased by 18% during the past 24 hours. XRP futures open interest was estimated at an estimate of about $3.60 billion according to data from CoinGlass, after a daily reduction.
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