Bullish’s $1.15B Stablecoin IPO Settlement May Signal Growing On-Chain Use of Ripple’s RLUSD in U.S. Markets

• Bullish secured $1.15 billion in IPO proceeds settled on-chain using stablecoins, including RLUSD.

• RLUSD is issued on both the XRP Ledger and Ethereum and led in volume by Bullish, which accounts for 76% of trading activity.

• RLUSD market capitalization stands at $666 million and the most active pairs are RLUSD/USDC (40.86%) and XRP/RLUSD (35.92%).

Meta description: Bullish IPO stablecoins — Bullish received $1.15B in stablecoin proceeds including RLUSD, a first U.S. on-chain IPO settlement. Read details and key takeaways.

Bullish secures $1.15B in IPO proceeds using stablecoins, including Ripple’s RLUSD, marking a first in US listing settlements on-chain.

• Bullish secured $1.15 billion from its IPO using stablecoins, including Ripple’s RLUSD, marking a first in U.S. listing settlements.
• Ripple’s RLUSD stablecoin now supports on-chain settlements and is available on both the XRP Ledger and Ethereum blockchain.
• RLUSD’s trading activity is led by Bullish, contributing over 76% of the stablecoin’s volume across multiple pairs.

Digital asset platform Bullish has completed its initial public offering with a significant move in the U.S. financial sector by receiving $1.15 billion in proceeds settled entirely in stablecoins. Among the digital assets used was Ripple USD (RLUSD), a stablecoin developed by Ripple and issued on the XRP Ledger. Ripple confirmed that part of the settlement was completed using RLUSD minted on the XRPL.

The transaction marked the first public listing in the United States to feature an on-chain settlement process using stablecoins. Besides being available on the XRP Ledger, RLUSD is also issued on the Ethereum blockchain. Ripple described this development as a foundational moment for integrating blockchain-based payment systems into traditional financial market processes.

What is RLUSD and how did it settle Bullish’s IPO?

RLUSD is a U.S. dollar–pegged stablecoin issued by Ripple on the XRP Ledger and on Ethereum. Bullish received $1.15 billion of its IPO proceeds in stablecoins, including RLUSD settled on-chain, marking a first-of-its-kind U.S. public listing settlement using stablecoins under current regulatory frameworks.

How does the GENIUS Act affect stablecoin IPO settlements?

The GENIUS Act establishes regulatory standards for dollar-pegged stablecoins and is designed to increase institutional trust and consumer protection. By defining reserve and auditing requirements, the Act lowers legal friction for issuers and custodians to accept stablecoins in capital market transactions. Bullish’s RLUSD settlement aligns with these standards and signals increased institutional adoption.

When and where is RLUSD trading most actively?

RLUSD launched globally in December 2024 and is listed on multiple trading venues. Bullish now accounts for roughly 76% of RLUSD trading volume, with the most active pairs reported as RLUSD/USDC (40.86%) and XRP/RLUSD (35.92%), and a smaller share in SOL/RLUSD.

Why does on-chain settlement matter for public listings?

On-chain settlement provides near-instant finality, cryptographic proof of transfer, and a clear audit trail, which can reduce settlement risk and operational overhead. For institutional issuers, these benefits can translate into faster capital formation and clearer reconciliation processes when paired with compliant custody and reporting.

Comparative Summary: RLUSD Market Metrics

Launched globally in December 2024, RLUSD is listed on several trading venues. Bullish added RLUSD to its platform shortly after launch and now accounts for 76% of its trading volume. The most active trading pairs are RLUSD/USDC at 40.86% and XRP/RLUSD at 35.92%, with additional activity in SOL/RLUSD.

Payment infrastructure provider Mesh integrated RLUSD into its merchant checkout processes to enable acceptance at point of sale, supporting RLUSD’s retail utility. RLUSD’s market capitalization of $666 million reflects substantial growth in under eight months since launch.

Frequently Asked Questions

How much of Bullish’s IPO was settled in stablecoins?

Bullish received $1.15 billion of IPO proceeds settled in stablecoins, including RLUSD. This represents a full settlement in digital assets for the reported proceeds and a first in U.S. public listing practice.

Is RLUSD available on multiple blockchains?

Yes. RLUSD is issued on the XRP Ledger and also on the Ethereum blockchain, providing cross-chain liquidity and broader market access for traders and institutions.

What is the significance of RLUSD’s trading volume distribution?

Bullish accounts for ~76% of RLUSD trading volume, indicating strong concentration on that platform and active pairing with USDC and XRP, which supports liquidity and market depth for the stablecoin.

Key Takeaways

• Historic settlement: Bullish’s $1.15B IPO proceeds were settled on-chain using stablecoins, including RLUSD.
• RLUSD growth: Issued on XRPL and Ethereum, RLUSD reached a $666M market cap with Bullish driving 76% of volume.
• Regulatory alignment: The settlement aligns with the GENIUS Act framework, enhancing institutional pathways for stablecoin use.

Conclusion

The Bullish IPO stablecoins settlement with RLUSD represents a milestone in integrating on-chain payment rails into traditional capital markets. As RLUSD scales across exchanges and merchant infrastructure, and as regulatory clarity evolves under the GENIUS Act, on-chain settlements may become a more common option for institutional transactions. Monitor official statements from Bullish and Ripple for ongoing updates.