XRP is making waves once again, this time through its stablecoin RLUSD, which played a key role in crypto exchange Bullish’s $1.1 billion initial public offering (IPO) settlement. The move highlights a significant shift toward using blockchain-based assets for mainstream financial operations.

How RLUSD and USD1 Were Used in the IPO Transaction

In a noteworthy development, Bullish disclosed that a substantial portion of the funds raised in its IPO was received in various stablecoins, including RLUSD—a USD-backed token on the XRP Ledger—and USD1, which is associated with Donald Trump through World Liberty Financial.

These digital assets were used alongside other stablecoins like Circle’s USDC and EURC, PayPal’s PYUSD, Paxos’ USDG, Societe Generale-FORGE’s EURCV and USDCV, Agora’s AUSD, and AllUnity’s EURAU. Most of the tokens were minted and settled on the Solana blockchain.

Jefferies, acting as the billing and delivery agent, facilitated the process by managing stablecoin minting, currency conversion, and settlement across international borders. Once converted, the funds were transferred to Coinbase for custody, ensuring secure, regulated asset management.

Blockchain-based financial transactions are playing an increasing role in major public offerings.

Why Bullish Opted for Blockchain-Based Payments

Bullish made a deliberate strategic choice to adopt stablecoins for its IPO, reflecting growing corporate interest in blockchain settlement for speed, security, and efficiency. David Bonanno, CFO at Bullish, emphasized that stablecoins have become essential to the company’s capital operations. He pointed out that networks like Solana enable near-instant finality, lowering operational costs and providing much-needed transparency.

The IPO, which closed on August 14, outperformed expectations by pricing shares at $37—well above the projected $32–$33 range. This strong market response gave Bullish a $5.4 billion valuation, showing investor appetite for platforms innovating at the intersection of traditional finance and blockchain technology.

Institutional Adoption of RLUSD and USD1

Bullish has not disclosed the precise allocation of RLUSD and USD1 in its IPO settlement. Nonetheless, their inclusion at this scale signals increasing institutional confidence in these digital assets.

Further reinforcing RLUSD’s utility, Gemini secured a $75 million credit line from Ripple in July. This facility is flexible, allowing expansion to $150 million if specific performance milestones are met. RLUSD is the centerpiece of this credit arrangement, deepening its role in capital accessibility for crypto firms.

Similarly, USD1 has found relevance in large-scale transactions as well. Abu Dhabi-based investment company MGX used the Trump-linked token in finalizing a $2 billion deal with Binance, the world’s largest cryptocurrency exchange by volume. These examples demonstrate how stablecoins like RLUSD and USD1 are gaining rapid traction in global institutional finance.

Ripple’s Growing Role in Digital Financial Infrastructure

Ripple continues to expand its influence in the financial landscape with RLUSD, issued via its subsidiary Standard Custody & Trust Company. The stablecoin is designed with an emphasis on trust, liquidity, and regulatory alignment—core pillars that appeal to compliant institutional frameworks.

As digital asset adoption accelerates, Ripple’s strategy appears to focus not just on cross-border payments with XRP, but also on enabling large-scale enterprise financial flows through stablecoin settlements. With ongoing pilots and institutional credit extensions, RLUSD is becoming a serious contender amid a crowded field of U.S.-backed digital tokens.

Related: XRP Price: $12M Max Pain for Bears

This latest IPO settlement using RLUSD showcases how Ripple’s infrastructure is being leveraged in high-value deals, reinforcing the firm’s ambition to reshape capital markets through blockchain rails.