Bybit is trying to turn a single stablecoin into a liquidity magnet. The exchange, the world’s second-largest by trading volume, launched a limited-time RLUSD Hold & Earn program that combines boosted annual percentage rates with zero maker fees on spot trading pairs that include the Ripple-issued stablecoin, the announcement confirmed. The move targets users who want yield on idle stablecoin balances without moving funds to DeFi protocols.
RLUSD is Ripple’s dollar-pegged stablecoin, which has been steadily integrated into trading infrastructure since its launch. Bybit already lists it, and the new Hold & Earn product lets users lock RLUSD for a period to earn a boosted yield, while the simultaneous zero maker fee applies to RLUSD spot pairs—a clear bid to attract market makers and tighten order books. The program is explicitly time-limited, though the duration was not disclosed.
Competing for Stablecoin Liquidity
Centralized exchanges are in a quiet but fierce race to attract stablecoin deposits. Binance, Coinbase, and Bybit each run yield programs tied to different dollar-pegged tokens. RLUSD gives Bybit an asset that is still building liquidity, and pairing a deposit incentive with zero maker fees creates a short-term boost that can reshuffle market share. The logic is simple: liquidity draws more liquidity, and flow on one stablecoin can spill into other trading pairs. This strategy arrives as the broader tokenization trend that has pushed on-chain real-world assets past $20 billion reshapes how exchanges think about collateral and settlement.
Zero Fees and Market Maker Appeal
The zero maker fee sits at the center of the offer. For market makers, removing the fee on RLUSD pairs changes the spread calculation. Even small improvements in net profitability can redirect algorithmic flow, and the exchange clearly hopes that the combination of reduced cost and yield will pull in fresh order flow from institutional desks. That pitch lines up with growing institutional demand for on-chain yield opportunities that is already visible in other corners of the market.
The Yield Race and Regulatory Shadows
Yield-bearing stablecoin products now straddle centralized platforms and DeFi. The Bybit offer essentially repackages DeFi-style rewards inside a custodial wrapper, simplifying access at the cost of giving up self-custody. How high the “boosted” APR is remains unknown, and such promotions often rely on subsidy rather than organic earnings, which means they can fade quickly. Meanwhile, the stablecoin yield market itself sits inside a regulatory debate that could reshape what exchanges can legally offer. The stablecoin regulation debate in the US Senate is still fluid, and any legislation redefining what counts as a security or a deposit could directly alter programs like this one.
For now, Bybit is betting that RLUSD can be a wedge to pull in sticky liquidity. The product will be judged by two numbers: how much RLUSD flows in during the promotional window, and whether the order books retain any of that depth once the incentives end. Other exchanges will be watching both figures closely.
