In what represents a historic step for the use of stablecoins in an IPO in the United States, digital asset platform Bullish has announced that it has arranged to receive $1.15 billion of proceeds from its recently completed initial public offering in stablecoins, including Ripple USD (RLUSD) stablecoin.
Ripple reacted to this milestone in an X post, noting that a portion of Bullish's IPO proceeds were settled in RLUSD stablecoin minted on the XRP Ledger. Aside from the XRPL, Ripple stablecoin RLUSD is also available on the Ethereum blockchain.
Congrats to @Bullish on a successful IPO! 👏A portion of the IPO proceeds were settled in $RLUSD, minted on the XRP Ledger. This is the first public listing to bring the settlement process onchain and sets a precedent for how stablecoins can shape future listings. https://t.co/AD4AkpPnLD
— Ripple (@Ripple) August 19, 2025
Ripple stated that this is the first public listing to put the settlement process on-chain, establishing a precedent for how stablecoins can influence future listings.
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This milestone remains significant in light of the recently passed GENIUS act, which set guidelines for cryptocurrency tokens pegged to the U.S. dollar, known as stablecoins, and is expected to boost their utility and pave the way for them to become an everyday means to make payments and move money.
Bullish accounts for 76% of RLUSD trading volumes
Ripple USD stablecoin RLUSD launched globally in December 2024, initially on exchanges such as Uphold, Bitso, MoonPay, Archax and CoinMENA before being listed on the Bullish crypto exchange shortly thereafter.
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According to CoinMarketCap data, Bullish accounts for over 76% of RLUSD trading volume split across different trading pairs RLUSD/USDC (40.86%), XRP/RLUSD (35.92%) and SOL/RLUSD (0.86%).
In recent news, Mesh has announced support for Ripple USD, adding it to more than 50 tokens already available on its platform and allowing merchants to accept the Ripple stablecoin at checkouts.
Nearly eight months after its launch, RLUSD has surpassed $600 million in total market capitalization, now at $666 million, according to CoinMarketCap data.
