XRP Ledger has taken a major step forward in mainstream adoption, as part of Bullish’s groundbreaking $1.5 billion IPO was settled using Ripple USD (RLUSD) on XRPL. This move highlights the growing role blockchain technology plays in modern finance.

Innovative IPO Settlement Using Stablecoins

Crypto exchange Bullish recently wrapped up a record-setting U.S. initial public offering, receiving $1.5 billion in proceeds. Rather than relying solely on traditional fiat currencies like USD or EUR, Bullish embraced a digital-first approach, choosing to settle the transaction with multiple stablecoins.

Jefferies, a leading investment bank, managed the stablecoin delivery for Bullish. They worked with several issuers across the United States and Europe to generate and convert fiat into these digital assets. The majority of these settlements occurred on the Solana blockchain and included popular stablecoins such as Circle’s USDC and EURC.

Portion of Funds Settled in RLUSD on XRPL

In a notable development, a portion of proceeds from Bullish’s IPO was settled in RLUSD, a U.S. dollar-backed stablecoin issued by Ripple and minted on the XRP Ledger (XRPL). This marks the first time a public IPO utilized on-chain settlement involving RLUSD, signaling a significant milestone for blockchain-based finance.

Ripple, based in San Francisco, congratulated Bullish on this achievement and recognized the moment as a breakthrough in linking capital markets with blockchain settlement technology.

Professionals leveraging blockchain to settle IPO proceeds with RLUSD on the XRP Ledger.

Additional Stablecoins and Custody Solutions

Besides RLUSD, the IPO proceeds also included settlements in other digital dollar assets like PayPal USD (PYUSD), Agora Dollar (AUSD), USD1, and Global Dollar (USDG). These stablecoins provide versatility and efficiency in cross-border financial transactions.

Ensuring security and institutional-grade handling, Coinbase has stepped in as the official custodian for Bullish’s stablecoin assets, including RLUSD. According to Coinbase’s Vice President of Institutional Products, Greg Tusar, this collaboration showcases the potential of stablecoins to redefine global finance. He emphasized the significance of Bullish’s approach as it illustrates the utility of digital assets in large-scale financial operations.

Impact on RLUSD and Ripple’s Stablecoin Strategy

The settlement process comes amid a period of increasing regulatory support for stablecoins in the U.S., thanks to recent legislation. As reported, the administration’s clarity on cryptocurrency regulation has fueled adoption, contributing to RLUSD’s dramatic rise in market cap. The token has surged 26.31% over the past month, reaching a valuation of $666.57 million.

Ripple is actively working to cement RLUSD’s place in the competitive stablecoin market. As part of this strategy, the company recently acquired payment infrastructure firm Rail for $200 million. This acquisition gives Ripple direct access to 10% of all global stablecoin payment flows, significantly enhancing its influence in digital transaction networks.

Advancing Blockchain’s Financial Integration

David Bonanno, Chief Financial Officer at Bullish, commented on the transformative power of stablecoins. He emphasized Bullish’s ongoing use of these digital tools to facilitate cost-efficient cross-border settlements. By leveraging blockchain-native assets like RLUSD, Bullish aims to streamline operations and enhance transparency.

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This fusion of traditional financial mechanisms with blockchain infrastructure illustrates how enterprises are adapting to an increasingly digital landscape. Bullish’s IPO serves as a real-world example of how tokenized assets and on-chain settlement can disrupt established industry norms.