tl;dr
Uphold has added the RLUSD stablecoin to its trading platform and activated a reward program for the RLUSD. This move boosts Ripple's credibility among crypto users. Uphold's CEO, Simon Mcloughlin, highlighted the 5% reward program for RLUSD deposits, funded from the exchange's marketing budget to p...
Uphold has added the RLUSD stablecoin to its trading platform and activated a reward program for the RLUSD. This move boosts Ripple's credibility among crypto users.
Uphold's CEO, Simon Mcloughlin, highlighted the 5% reward program for RLUSD deposits, funded from the exchange's marketing budget to promote adoption. The reward aims to increase user engagement and activity on the platform.
Uphold supports ten stablecoins and offers rewards on four, with RLUSD seen as a well-regulated and compliant stablecoin, enhancing confidence in Ripple products among the crypto community.
In a recent podcast, Uphold CEO Simon Mcloughlin explained the crypto exchange's recent moves in listing the stablecoin, highlighting the reward program, allowing users to earn 5% of their RLUSD deposit from January 2025. Further, McLoughlin stated the RLUSD reward program is the latest in a line of stablecoin-related earning opportunities that Uphold offers.
Registered users on Uphold must log in at least once a month and perform designated activities to qualify for the reward. Meanwhile, the Uphold CEO explained that the reward is a marketing strategy the company uses to engage its users and encourage them to be active on the platform. The exchange generates the funds for the reward from its balance sheet by allocating part of its marketing budget to the "earn program" to promote awareness and increase adoption of the exchange.
McLoughlin noted that people transact more when they hold a significant amount of stablecoins in their portfolio. This is the basis of the Uphold reward strategy, which pays users in stablecoins. This differs from other platforms that prefer to reward users with their native tokens. As a result, while Uphold spends money to reward its users, it potentially generates more revenue from increased customer activity.
According to McLoughlin, Uphold currently supports ten stablecoins but offers rewards on only four. The Uphold CEO considers the RLUSD a good example of a properly designed stablecoin with adequate regulation and compliance. McLoughlin's confidence in the Ripple product boosts the FinTech firm's credibility among crypto community members. It makes them more confident about engaging Ripple products, including its native cryptocurrency, XRP, which has faced regulatory scrutiny for several years.