Ripple’s stablecoin, RLUSD, has just made history. The RLUSD was used in the $1.15 billion initial public offering (IPO) by Bullish exchange, marking the first-ever U.S. IPO to settle proceeds on-chain with a stablecoin.
This event is seen as a turning point for stablecoins and their role in mainstream finance.
Bullish Exchange and the Historic IPO
Bullish, a leading crypto exchange platform, confirmed it used Ripple’s RLUSD for a portion of its IPO settlement. This was not only a financial move but also a symbolic one, showing that stablecoins can bring transparency, efficiency, and speed to public market fundraising.
Key facts:
- IPO proceeds: $1.15 billion
- Settlement stablecoin for a portion: Ripple USD (RLUSD)
- On-chain network: XRP Ledger
- Also supported: Ethereum blockchain
Ripple hailed the milestone on X (formerly Twitter), calling it a precedent for future IPOs that could adopt stablecoins in similar ways.
Image source: X post
RLUSD’s Growth and Market Presence
Launched globally in December 2024, RLUSD has gained quick traction across crypto markets. It is currently supported by exchanges such as Uphold, Bitso, MoonPay, Archax, CoinMENA, and of course, Bullish, where trading demand is strongest.
- RLUSD market cap: $666 million (as of August 2025)
- Bullish exchange share: 76% of RLUSD volume
This dominance highlights Bullish’s central role in RLUSD adoption and use cases.
Regulation and the GENIUS Act
The timing of this IPO aligns with the recently passed GENIUS Act, which provides legal clarity for stablecoins pegged to the U.S. dollar. The act is expected to fuel further adoption, making stablecoins more reliable for payments and settlements in both financial markets and everyday transactions.
For Ripple, this strengthens the case for RLUSD as more than just another token; it positions the stablecoin as a potential bridge between traditional markets and blockchain finance.
Why This Matters for Crypto and Finance
This IPO is bigger than just one company. It shows how stablecoins may reshape capital markets:
- Faster and cheaper settlement vs. traditional banking rails.
- Transparency through on-chain verification.
- Broader investor access in future listings.
Ripple’s RLUSD is now seen as a benchmark for financial innovation, combining regulatory readiness with practical adoption.
What is RLUSD?
RLUSD is Ripple’s stablecoin, pegged 1:1 to the U.S. dollar, available on the XRP Ledger and Ethereum.
Why is the Bullish IPO historic?
It’s the first U.S. IPO to settle proceeds with a stablecoin on-chain, showcasing real-world utility.
How big is RLUSD today?
RLUSD has a market cap of around $666 million.
Ripple’s RLUSD has taken a giant leap into mainstream finance with Bullish’s IPO. As regulatory clarity improves and adoption widens, stablecoins could soon become a standard tool for global markets, not just crypto trading.
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