In a recent move to boost its credibility and promote adoption, the Uphold cryptocurrency exchange has added the RLUSD stablecoin to its trading platform. Uphold CEO Simon Mcloughlin highlighted the reward program for RLUSD users, allowing them to earn 5% of their deposit starting from January 2025. This initiative is part of a series of stablecoin-related earning opportunities that Uphold offers to its registered users. To qualify for the reward, users must log in at least once a month and engage in designated activities on the platform.
Mcloughlin explained that the reward program is a strategic marketing move by Uphold to engage users, encourage activity on the platform, and increase awareness and adoption of the exchange. The rewards are funded from Uphold’s balance sheet, with part of the marketing budget allocated to the “earn program.” The CEO emphasized the importance of active stablecoin holdings, as users tend to transact more when they have a significant amount of stablecoins in their portfolio. Unlike other platforms that reward users with native tokens, Uphold’s strategy of rewarding users in stablecoins may potentially lead to increased revenue from heightened customer activity.
Currently, Uphold supports ten stablecoins but offers rewards on only four. Mcloughlin praised RLUSD as a well-designed stablecoin with proper regulation and compliance, boosting confidence in Ripple products among the crypto community. This endorsement also benefits Ripple’s native cryptocurrency, XRP, which has faced regulatory scrutiny in the past. Overall, Uphold’s decision to list RLUSD and offer rewards for its users demonstrates a commitment to promoting the adoption of stablecoins and driving engagement on the platform.
It is important to note that the information provided in this article is for informational and educational purposes only. Coin Edition does not provide financial advice, and readers should exercise caution before taking any action related to the content, products, or services mentioned. Uphold’s introduction of the RLUSD stablecoin and the reward program for users is a strategic move to increase adoption, engagement, and revenue generation on the platform, while also promoting confidence in Ripple products and boosting credibility within the crypto community.
