The digital asset platform Bullish has recently completed its initial public offering (IPO), raising $1.15 billion using stablecoins, including Ripple USD (RLUSD). This event represents a significant milestone for the use of stablecoins in IPOs in the United States.
Bullish and Its IPO
Bullish announced the completion of its IPO, raising $1.15 billion. This is the first IPO in which part of the proceeds was received in stablecoins. Such a move may influence future public company listing processes.
Ripple and the RLUSD Stablecoin
Ripple reacted positively to Bullish's successful IPO, noting that part of the proceeds was settled in RLUSD stablecoin minted on the XRP Ledger. Additionally, RLUSD is also available on the Ethereum blockchain. The support for Ripple USD is expected to grow following its involvement in Bullish's IPO.
RLUSD Trading Volumes on Bullish
Since its global launch in December 2024, the RLUSD stablecoin quickly gained popularity. According to CoinMarketCap data, Bullish accounts for over 76% of RLUSD trading volume split across various trading pairs, with the largest share going to RLUSD/USDC and XRP/RLUSD pairs. The introduction of RLUSD on the Mesh platform also allows merchants to accept this stablecoin at checkout.
Bullish's successful IPO using stablecoins, including RLUSD, highlights an evolving trend in the cryptocurrency space and opens up new possibilities for the use of stablecoins in the future.
