Bullish’s landmark IPO shattered precedent with $1.15 billion settled entirely onchain using RLUSD and leading stablecoins, igniting a new era for digital capital markets.
RLUSD and Leading Stablecoins Set Onchain Settlement Precedent in Bullish IPO
Ripple’s stablecoin Ripple USD (RLUSD), issued on the XRP Ledger, played a key role in Bullish’s historic initial public offering (IPO). The digital asset platform announced on Aug. 19, 2025, that it had received $1.15 billion in IPO proceeds settled in stablecoins. Trading on the New York Stock Exchange under the ticker BLSH, Bullish became the first issuer to complete IPO settlement onchain.
Ripple recognized the milestone on social media platform X:
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.
Besides RLUSD, the broader settlement included a diverse basket of stablecoins, including USD Coin (USDC), Euro Coin (EURC), Paypal USD (PYUSD), Global Dollar (USDG), USD CoinVertible (USDCV), EUR CoinVertible (EURCV), USD1, Agora Dollar (AUSD), and EURAU.
The event reflects RLUSD’s growing institutional footprint. Gemini’s Nasdaq IPO filing on Aug. 15 revealed a Ripple Credit Agreement that enables borrowing up to $150 million, with RLUSD-denominated loans available beyond the $75 million threshold. Meanwhile, Mesh, a payments infrastructure firm, announced on Aug. 12 that RLUSD was added to its network of over 50 tokens, allowing consumers to pay and merchants to accept it at checkout.
RLUSD is integral to the Ripple Payments network, which spans 90 payout markets and supports 55 currencies. In a July 25 report, Ripple underscored the role of stablecoins—including RLUSD, USDC, and USDT—in delivering fast, low-cost payments in volatile regions with limited access to U.S. dollars. The firm noted: “Stablecoins like USDC, USDT, RLUSD and newer region-specific tokens are being integrated into wallets and payment platforms worldwide—especially where access to USD is limited and there is greater currency volatility.”
Market confidence in RLUSD has been reinforced by its regulatory and reserve framework. On July 18, Bluechip, an independent rating agency, ranked RLUSD as the No. 1 stablecoin with an “A” rating, citing its robust asset backing of U.S. Treasury bills, government money market funds, and bank deposits, along with oversight by the New York Department of Financial Services (NYDFS).
