Binance has extended its rewards push around Ripple USD with another four-week campaign offering one million XRP to eligible RLUSD holders.
Summary
- Binance extended its RLUSD rewards campaign through September 11 with one million XRP available overall.
- Eligible users need at least 0.01 RLUSD and $500 in average daily derivatives trading volume.
- One million XRP will be distributed across four weekly installments beginning August 21 to participants.
- Borrowed stablecoin-funded RLUSD receives a 60% haircut when Binance calculates qualifying margin balances for rewards.
- Ripple officially reported $1.59 billion of RLUSD circulating against $1.70 billion in reserve funds recently.
The new campaign began at 00:00 UTC on Aug. 14 and runs through Sept. 11, according to the exchange’s updated announcement. Rewards will be distributed every Friday across four installments.
The follow-on program started immediately after Binance’s first RLUSD campaign ended on Aug. 14. That earlier promotion offered $800,000 worth of XRP across four weekly distributions beginning July 17. As crypto.news previously reported, the first campaign tied XRP rewards to eligible RLUSD balances held through Binance Earn and Margin products.
Binance keeps RLUSD eligibility rules largely unchanged
To qualify, users must maintain at least 0.01 RLUSD in an eligible Earn or Margin account and record at least $500 in average daily Margin or Futures trading volume. The trading volume can come from any supported pair as long as RLUSD is being used as collateral.
Binance calculates rewards using each user’s qualifying RLUSD balance and an effective annualized percentage rate determined for each weekly period. The lowest RLUSD balance observed during hourly snapshots becomes the qualifying balance for that day. There is no stated individual reward cap.
RLUSD created by borrowing other stablecoins receives different treatment. Binance applies a 60% haircut to the leveraged portion after accounting for liabilities involving USDT, USDC, U, USD1 and FDUSD. RLUSD that is itself recorded as a borrowing liability is excluded from the qualifying balance.
One million XRP will be distributed through Sept. 11
The first distribution under the new campaign is scheduled for Aug. 21, followed by payments on Aug. 28, Sept. 4 and Sept. 11. Binance will determine the effective APR and XRP valuation for each period at the time of distribution.
The prior campaign shows how those rates can move. Its effective APR started at 22.25% for the first week, then fell to 8.22%, 8.08% and 7.69% in subsequent distributions. Binance warns that the APR is “not indicative of future results” and may fluctuate from week to week.
The new reward pool is denominated directly in one million XRP rather than a fixed dollar value. Its final dollar value will therefore depend on the XRP price Binance uses for each weekly distribution.
U.S. and European users face participation restrictions
The campaign is not available globally. Binance’s current exclusion list includes the U.S., UK, Canada, Japan and numerous European Economic Area jurisdictions. Users must also complete KYC and remain in an eligible jurisdiction. Binance notes that the exclusion list can change as regulatory requirements develop.
The geographic limits are particularly relevant for RLUSD because Binance warns that unauthorized stablecoins face restrictions for EEA users under MiCA. Holding RLUSD alone does not make a user eligible for the promotion.
RLUSD supply remains near $1.6 billion
The campaign comes after Binance listed RLUSD and XRP-linked trading pairs in January, expanding the stablecoin’s availability on one of the largest crypto trading platforms.
Ripple’s latest official transparency data shows $1.5896 billion of RLUSD in circulation against $1.7026 billion of reserve funds as of Aug. 6. Standard Custody & Trust Company issues RLUSD under supervision from the New York Department of Financial Services, while independent CPA attestations are published monthly.
What happens next
The next confirmed milestone is the first new XRP distribution on Aug. 21. Binance will then publish the effective APR and XRP token value used for that reward period. Three additional weekly distributions are scheduled before the campaign closes on Sept. 11.
For users, the amount received will depend on qualifying RLUSD balances, total eligible balances across the campaign and the effective APR. The one million XRP figure is the total pool rather than a guaranteed amount or fixed return for any individual participant.
