Bybit has launched Phase 3 of its RLUSD Hold & Earn program, combining daily RLUSD and XRP rewards with zero maker and taker fees on the RLUSD/USDT spot pair for a limited campaign period.

Cryptocurrency exchange Bybit has launched the third phase of its RLUSD Hold & Earn program, expanding its rewards offering around Ripple’s U.S. dollar-backed stablecoin while removing both maker and taker fees from the RLUSD/USDT spot trading pair for a limited period.

The campaign runs from September 19 through October 18, 2026, according to Bybit. Eligible users can hold RLUSD in their Bybit accounts and receive daily rewards in both RLUSD and XRP without staking, subscribing to an Earn product or locking their holdings.

For Phase 3, Bybit advertises a base RLUSD reward of up to 3.5% APR, alongside an XRP bonus pool of 800,000 XRP. The XRP component uses a holding-duration multiplier, rising from 1.0x for holdings under 30 days to 2.0x for continuous holdings of at least 90 days. The multiplier applies specifically to the XRP bonus component rather than the RLUSD base reward.

The exchange has also changed the trading economics around the stablecoin. Beginning September 19, the RLUSD/USDT spot pair moved to 0% maker and taker fees during the promotion. Bybit said Phase 2 had offered 0% maker fees while charging a 0.04% taker fee, although actual fees can vary by region.

The combination of rewards and fee waivers reflects a broader competition among cryptocurrency exchanges to increase activity around stablecoins. Stablecoins are increasingly being positioned not only as trading instruments but also as infrastructure for payments, settlement, liquidity management and transfers between traditional and digital financial systems.

RLUSD, issued by Ripple, is designed to maintain a value of one U.S. dollar. Ripple says the token is backed one-to-one by segregated reserves consisting of assets such as U.S. Treasury bills, government money-market funds, overnight reverse repurchase agreements and deposits. The company also publishes monthly third-party reserve attestations.

That reserve structure is relevant to how RLUSD differs from XRP. RLUSD is designed as a stable-value digital asset, while XRP is the native cryptocurrency of the XRP Ledger and its market value is determined by the open market. Ripple describes RLUSD as being intended for payments, remittances, treasury flows and related stablecoin use cases.

Bybit’s program effectively combines the two assets in a single promotional structure: users hold the dollar-pegged RLUSD while the additional reward component is paid in XRP. That gives participants exposure to a volatile cryptoasset through the reward mechanism even though the underlying holding used to qualify for the campaign is a stablecoin.

There are also important conditions behind the headline reward rates. Bybit requires participants to complete Level 1 identity verification and hold at least 1 RLUSD. Rewards are calculated using hourly snapshots, with the platform taking 24 snapshots per day and basing the calculation on the minimum effective hourly holding. If a participant’s RLUSD balance falls to zero, the continuous-holding counter resets.

The program also has a 5 million RLUSD eligibility cap per UID, with separate treatment for main and subaccounts. RLUSD held in certain other Bybit products, including Flexible or Fixed Savings and borrowed RLUSD, does not qualify for the promotion. Bybit further states that the daily APR can be adjusted based on the remaining monthly reward budget and aggregate eligible holdings.

Importantly, Bybit describes the RLUSD rewards as commercial incentives funded by Ripple service fees rather than interest or investment returns generated by RLUSD itself. That distinction matters when evaluating advertised APR figures: the promotional rate should not be interpreted as an inherent yield on the stablecoin.

The development comes as exchanges and stablecoin issuers increasingly compete around products that connect trading, payments and digital-asset liquidity. For exchanges, stablecoin liquidity can support trading pairs and settlement activity; for issuers, distribution across major platforms can expand the practical reach of a stablecoin.

Ripple’s own documentation shows that RLUSD is currently available across multiple blockchain networks, including the XRP Ledger, Ethereum, Base, Optimism and others, although availability depends on jurisdiction.

For Bybit, Phase 3 adds another incentive layer around RLUSD while lowering the immediate transaction cost of entering the RLUSD/USDT market. The longer-term significance will depend on whether promotional incentives translate into sustained stablecoin liquidity and usage after the campaign ends.

Market Landscape

Stablecoins have become an increasingly important component of digital-asset infrastructure, supporting trading liquidity, transfers and emerging payment use cases. Exchanges are consequently using rewards, fee reductions and product integrations to encourage stablecoin adoption.

The competitive landscape includes dollar-backed stablecoins from issuers such as Ripple, Circle and Tether, alongside exchange-specific Earn and liquidity programs. Differentiation increasingly depends on reserve transparency, regulatory positioning, blockchain availability, liquidity and integration into trading and payment infrastructure.

Bybit’s RLUSD campaign sits at the intersection of these trends by combining stablecoin holding incentives, XRP rewards and spot-market fee reductions.

Top Insights

• Bybit’s Phase 3 RLUSD campaign offers up to 3.5% base APR in RLUSD plus XRP rewards from an 800,000-XRP promotional pool.
• Continuous holding determines the XRP bonus multiplier, reaching 2x after at least 90 days under the campaign rules.
• The RLUSD/USDT pair receives 0% maker and taker fees during the limited promotion, subject to regional fee conditions.
• Ripple says RLUSD is backed by segregated reserves including U.S. Treasuries, cash equivalents and deposits.
• Bybit explicitly distinguishes its promotional RLUSD rewards from interest or yield generated by the underlying stablecoin.

Get in touch with our fintech expert