Ripple's stablecoin was used for an IPO
Bullish began trading on the stock exchange and used Ripple USD to settle funds raised in its initial public offering. Bullish, a global digital asset platform focused on institutions, settled $1.15 billion of the proceeds from its initial public offering (IPO) using stablecoins, including Ripple USD (RLUSD), issued by Ripple Labs Inc.
The cryptocurrency launched in December 2024, backed 1:1 by the US dollar and operating on the XRP Ledger, positions itself as the eighth largest stablecoin by market capitalization.