- Uphold lists RLUSD stablecoin, offering users 5% rewards starting January 2025.
- Uphold’s 5% RLUSD rewards aim to boost user activity and platform engagement.
- Ripple’s RLUSD boosts credibility with Uphold’s compliant, stablecoin offering.
Uphold, a cryptocurrency exchange has listed the RLUSD stablecoin on its platform, marking another step in the exchange’s expansion by broadening its stablecoin offerings.
It launched the listing along with a reward program that will offer 5% rewards on RLUSD deposits starting in January 2025. This is also part of strategic moves meant to foster user activity and wider adoption of RLUSD, a stablecoin issued by Ripple.
The newly introduced reward scheme will go a long way in keeping people active on the platform. To bag the 5% reward, users will be expected to log in at least once every month and perform some activities within the website.
Payment for such rewards will also be made in stablecoin RLUSD, ensuring that the users’ earnings are still within the same ecosystem. That differs from most other exchanges, whereby they do this by rewarding native tokens and not stable coins.
Uphold’s chief executive, Simon McLoughlin noted that the rewards are subsidized by the company’s marketing budget. This creates a cycle whereby users hold more stablecoins, which then drives higher transaction volumes and increased platform engagement.
Additionally, McLoughlin pointed out that the reward in stablecoins would drive more activity on the platform since users will likely make more transactions with assets whose value is not degraded over time.
Currently, Uphold supports ten stablecoins, however, rewards are only available for four of them, including RLUSD. With this new offering, Uphold wants to increase its competitive advantage in the growing stablecoin market while giving users more ways to earn.
The addition of RLUSD also plays into Uphold’s bigger strategy of continuing to expand its offerings and bring more users onto the platform.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
