Bybit has expanded Phase 2 of its RLUSD Hold & Earn program with daily rewards in RLUSD and XRP, offering up to 21.5% APR under stated campaign terms. The program, launched in July 2026 in partnership with Ripple, accumulated more than $50 million in assets under custody within 11 days. Users can hold RLUSD without staking, subscribing or locking funds, while holding-volume and duration-based conditions can increase the XRP reward, including a potential 2x multiplier after 30 days. The new phase also encourages users to maintain exposure to XRP and RLUSD within Bybit, positioning Ripple's USD-backed stablecoin as more than a trading pair and placing the offer in competition with exchange savings and staking products. RLUSD is issued by Ripple, backed by segregated cash and cash-equivalent reserves and redeemable 1:1 for U.S. dollars. The $50 million balance remains modest against the wider stablecoin market, but the decision to extend incentives points to demand for yield on dollar-pegged assets. Bybit has not disclosed the annual percentage yield structure in full, maximum deposits or whether all Phase 2 rewards apply to new users, leaving questions about the campaign's sustainability, platform risk and regulatory exposure.