Binance Drops $800K XRP Rewards for RLUSD Holders Amid Market Surge

Binance has launched a new campaign to attract holders of its stablecoin RLUSD by offering $800,000 in XRP rewards. The campaign starts on September 25 and will run until October 23, with rewards distributed every week instead of at the end.

Eligible users must hold at least 0.01 RLUSD in eligible accounts, and Binance will check balances through random hourly snapshots during the campaign. Users who increase their RLUSD holdings can earn extra rewards, with a 1.3x multiplier applied to the reward if the increased amount is placed in Simple Earn Flexible Savings.

The campaign comes as RLUSD's market cap has surged to nearly $2.36 billion, but XRP's price has fallen 7.7% despite being offered as a reward.