Bullish, a digital asset platform, has completed its initial public offering (IPO) in a way that could shape the future of capital markets. Instead of relying only on banks and wires, a large portion of the IPO proceeds was settled using stablecoins, including Ripple’s RLUSD, minted on the XRP Ledger.
This marks the first-ever public listing to integrate stablecoins directly into the settlement process.
Bullish raised $1.15 billion in its IPO, and much of this sum was delivered in stablecoins. Traditionally, IPO settlements involve only cash and banking intermediaries.
While the majority of funds were settled in USDC on the Solana network, Ripple’s RLUSD represented a portion of the settlement, making history for the XRP Ledger. Other stablecoins like PayPal’s PYUSD, Paxos’s Global Dollar, and Societe Generale’s Euro-backed tokens were also part of the mix.
By bringing settlement onchain, Bullish showed how stablecoins can add speed, transparency, and efficiency to financial markets that have long depended on slower, costlier methods.
Ripple highlighted that using RLUSD in this IPO wasn’t just symbolic, it set a precedent for how future listings might work. For investors, it’s proof that blockchain-based settlement is moving from theory to real-world adoption.
Bullish’s Chief Financial Officer, David Bonanno, said the company already uses stablecoins internally for fast, secure fund transfers. This IPO was simply a larger stage to demonstrate how blockchain can power global finance at scale.
Bullish’s IPO sets a precedent for others to follow. With regulatory clarity improving and companies willing to embrace blockchain innovation, the role of stablecoins in financial markets is likely to grow.
Ripple’s RLUSD debut in this historic event adds another win for the XRP Ledger and demonstrates how crypto is slowly becoming part of mainstream finance.
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