Crypto exchange Bullish disclosed on Aug. 19 that part of its $1.15 billion IPO proceeds was received in a mix of stablecoins, including Ripple’s RLUSD on the XRP Ledger and President Donald Trump-affiliated USD1.
The firm said these tokens were among several digital assets involved in the settlement process, which also included Circle’s USDC and EURC, Paxos’ PYUSD and USDG, Societe Generale-FORGE’s EURCV and USDCV, Agora’s AUSD, and AllUnity’s EURAU.
According to the firm, most of these stablecoins were issued and settled on the Solana network. Jefferies was the billing and delivery agent, coordinating the minting, conversion, and settlement across multiple regions.
After conversion, Bullish transferred the proceeds to Coinbase for custody, ensuring the funds remain in a regulated and secure infrastructure.
This decision illustrates Bullish’s intent to use blockchain rails for real-world financial operations. By adopting stablecoins in its IPO process, the company demonstrated how digital assets can streamline capital markets and reduce settlement risks.
David Bonanno, Bullish’s CFO, emphasized that stablecoins are central to the company’s capital management. He noted that networks like Solana allow near-instant settlements, which provide both speed and transparency while lowering operational risks.
Bullish’s IPO closed on Aug. 14, with shares priced at $37, above the expected $32 to $33 range. The strong demand gave the exchange a market valuation of $5.4 billion, reflecting investor confidence in platforms integrating blockchain-based settlement with traditional markets.
RLUSD and USD1 gain institutional momentum
Although Bullish did not disclose the exact RLUSD and USD1 amount minted for the transaction, its involvement highlights growing institutional use of these stablecoins.
Notably, the RLUSD token is also central to Ripple’s $75 million credit facility for Gemini, a US-based crypto exchange.
Gemini’s IPO filing revealed that it secured the agreement in July. The agreement allows access to loans of up to $75 million, with an option to extend to $150 million if performance targets are met.
On the other hand, USD1 was used by the Abu Dhabi investment firm MGX to close its $2 billion deal with Binance, the largest crypto exchange by trading volume.
These deals signal that RLUSD and USD1 are steadily emerging as key players in institutional stablecoin adoption.
