Binance Unveils Eight-Week XRP Rewards Campaign for RLUSD Holders
Binance has announced an eight-week XRP rewards campaign for users holding Ripple's RLUSD stablecoin, commencing September 25. The program will distribute $800,000 worth of XRP to eligible users, with the exchange taking a 60% haircut on RLUSD acquired through borrowing other stablecoins in Margin accounts.
The rewards will be calculated based on a user's qualifying balance relative to the whole pool, with snapshots taken hourly. Users must hold a minimum of 0.01 RLUSD balance in their Spot, Funding, Earn, or Margin accounts to participate.
Since Binance launched the XRP rewards campaign, RLUSD's market cap has surged from $1.51 billion to almost $2.45 billion, with its current market cap standing at $2.37 billion. The move is seen as a boost for both RLUSD and XRP prices.