Key Insights:
- Bullish settles portions of its IPO proceeds with the RLUSD stablecoin.
- Ripple USD continues to gain traction amid a growing partnership with top exchanges.
- Crypto-based firms shift to IPO listing this year, with Gemini and Figure in the pipeline.
Ripple USD (RLUSD) stablecoin is gaining attention in crypto following a recent integration with blockchain firm Bullish.
Today, the company announced that it had settled portions of the proceeds from its recently completed IPO with the RLUSD stablecoin.
This settlement represents a historic step for using stablecoins in an Initial Public Offering (IPO) in the U.S.
The Bullish IPO Stablecoin Settlement
In an X post, Ripple congratulated Bullish for its successful IPO launch. The blockchain payments firm revealed that some IPO proceeds were settled in RLUSD, minted on the XRP Ledger (XRPL).
The blockchain-based firm added that it is the first public listing to integrate stablecoins directly into the settlement process. According to Ripple, Bullish has set a precedent for how stablecoins can shape future listings.
Bullish, a company operating a digital asset trading platform, said it raised $1.15 billion from its recently completed IPO.
Bullish closed its IPO on August 14, 2025, with shares traded on the New York Stock Exchange under the ticker symbol “BLSH”.
An IPO is when a company offers its shares to the public for the first time, allowing it to raise capital from investors.
However, rather than relying solely on traditional banks, Bullish decided to receive proceeds from its IPO via stablecoins.
Most IPO proceeds were settled in Circle’s UDSC stablecoin, alongside EURC.
Other stablecoins used include PayPal USD (PYUSD), Global Dollar (USDG), USD1, Agora Dollar (AUSD), and EURAU.
Bullish CFO, David Bonanno, explained that the company views stablecoins as one of the most transformative use cases for digital assets.
He added that Bullish internally leverages stablecoins for rapid and secure global fund transfers, especially on the Solana network.
RLUSD Stablecoin in the Spotlight
The use of RLUSD in the Bullish IPO demonstrates a new use case for the Ripple-backed stablecoin.
RLUSD, launched on December 17, 2024, is designed for secure and efficient transactions.
RLUSD became available on Uphold, Bitso, MoonPay, Archax, and CoinMENA after its launch.
Ripple soon expanded to additional exchanges, including Bullish, Bitstamp, Independent Reserve, and Zero Hash.
On December 31, 2024, RLUSD experienced a 180% surge in trading volume to $35.07 million. The surge in trading activity quickly boosted RLUSD’s market cap to $53.09 million.
The market cap has since grown from this level, currently standing at $666.5 million, according to data from CoinMarketCap.
Cardano founder Charles Hoskinson confirmed integration plans with RLUSD in May this year.
Hoskinson disclosed while addressing community questions about the stablecoin’s potential launch timeline on Cardano.
Another notable achievement was when Ripple USD went live on the Bitget platform on May 29, 2025. The listing allowed users to buy and sell RLUSD directly on Bidget.
A Growing Crypto IPO Trends
Meanwhile, the Bullish IPO aligns with a growing trend among blockchain firms this year.
Gemini exchange and blockchain-based lending platform Figure Technologies are the latest to join the IPO trend.
Both crypto firms are positioning themselves for Wall Street debuts in the weeks ahead. Figure filed for an IPO with the Securities and Exchange Commission (SEC) on August 18, 2025.
The company aims to raise about $400 million. It also plans to operate under the ticker symbol FT intermediately following the offering.
On the other hand, Gemini went public with its S-1 filing on August 15. The company, founded by the Winklevoss twins, plans to list shares on Nasdaq under the ticker GEMI.
Notably, Circle set the tone for crypto firms’ IPO this year as it debuted its IPO on June 5, raising $896 million. A few days after the listing, CRCL stock jumped more than 800%.
In Circle’s footsteps, Grayscale filed for an IPO with the SEC on July 14.
