Ripple’s RLUSD Powers Bullish IPO Settlement, Setting a Landmark Precedent for Wall Street
The digital asset landscape reached a milestone, as Bullish, a prominent cryptocurrency exchange and financial services platform, completed its initial public offering (IPO) with proceeds settled entirely onchain. The $1.15 billion offering—traded on the New York Stock Exchange under the ticker BLSH—marked the first time a public listing was settled using stablecoins, with Ripple’s RLUSD taking a central role.
This event not only highlights RLUSD’s growing importance in capital markets but also underscores a broader shift in how Wall Street views blockchain-enabled settlement infrastructure.
RLUSD at the Core of a Historic IPO
Ripple USD (RLUSD), Ripple’s flagship stablecoin issued on the XRP Ledger, was one of the main assets used to settle Bullish’s IPO alongside a basket of established stablecoins such as USD Coin (USDC), Euro Coin (EURC), PayPal USD (PYUSD), Global Dollar (USDG), and several others.
Ripple acknowledged the achievement in a celebratory post on X, emphasizing that RLUSD’s use in the IPO marked the first instance of onchain settlement for a public listing. The company framed this moment as a turning point for how financial markets might evolve:
“Congrats to Bullish on a successful IPO! A portion of the IPO proceeds were settled in $RLUSD, minted on the XRP Ledger. This is the first public listing to bring the settlement process onchain and sets a precedent for how stablecoins can shape future listings.”
The inclusion of RLUSD in such a high-profile transaction illustrates not only Ripple’s strategic push into institutional markets but also how stablecoins are transitioning from niche payment solutions into core components of financial infrastructure.
Expanding Institutional Footprint
Bullish’s IPO is just one example of RLUSD’s rapid institutional adoption. Earlier in August, Gemini disclosed in its Nasdaq IPO filing that it had secured a Ripple Credit Agreement allowing borrowing of up to $150 million. Notably, loans above $75 million could be denominated in RLUSD, highlighting the token’s growing appeal as a financing tool.
At the same time, payments infrastructure provider Mesh added RLUSD to its network of over 50 supported tokens, enabling both merchants and consumers to transact with RLUSD at checkout. This integration extends RLUSD’s reach into real-world commerce, complementing its utility in high-value financial transactions like Bullish’s IPO.
Ripple has consistently positioned RLUSD as an integral part of its broader payments ecosystem. Currently spanning 90 payout markets and supporting 55 currencies, the Ripple Payments network is designed to address liquidity gaps and reduce settlement costs for cross-border transactions. Stablecoins, including RLUSD, play a central role in this strategy, offering fast and reliable settlement even in regions with limited access to U.S. dollars.
Stablecoins and Financial Inclusion
Ripple’s July 25 report on payments emphasized the importance of stablecoins in volatile economies where access to stable fiat currency is constrained. The report noted that tokens like RLUSD, USDC, and USDT are being increasingly integrated into wallets and payment platforms across Latin America, Africa, and parts of Asia.
By facilitating low-cost remittances and providing a reliable store of value, stablecoins are helping individuals and businesses navigate currency devaluation and restricted access to foreign exchange markets. RLUSD, with its strong regulatory framework and reserve backing, has emerged as a particularly trusted option among these solutions.
Regulatory Strength as a Market Advantage
Much of RLUSD’s credibility stems from its regulatory oversight and transparency. On July 18, independent rating agency Bluechip ranked RLUSD as the top stablecoin, assigning it an “A” rating. The evaluation was based on RLUSD’s reserve composition, which includes U.S. Treasury bills, government money market funds, and deposits at regulated banks.
The stablecoin is also overseen by the New York Department of Financial Services (NYDFS), an agency recognized for its rigorous standards. This compliance-first approach has reassured institutions that RLUSD can be trusted for large-scale transactions—a factor that likely contributed to its role in Bullish’s IPO.
By contrast, many stablecoins have faced skepticism over reserve transparency and governance. RLUSD’s framework sets it apart, positioning it as a benchmark for how regulated stablecoins could bridge the gap between traditional finance and blockchain-based systems.
Wall Street’s Onchain Future
The settlement of Bullish’s IPO represents more than a single milestone—it demonstrates the viability of stablecoins as instruments for large-scale capital market activity. For Wall Street, which has long relied on legacy settlement systems that can take days to finalize transactions, the ability to settle billions instantly and transparently onchain is revolutionary.
Market observers suggest that this precedent could accelerate adoption of digital settlement mechanisms for other corporate listings, bond offerings, and even derivatives. As stablecoins like RLUSD gain traction, traditional settlement infrastructure may face mounting pressure to modernize.
Conclusion
Bullish’s IPO marks a turning point for the integration of blockchain technology into mainstream finance. With $1.15 billion settled entirely onchain, and RLUSD playing a prominent role, the event underscores how stablecoins are rapidly becoming indispensable tools in capital markets.
For Ripple, RLUSD’s participation affirms its growing institutional relevance, building on its use in global payments, credit facilities, and now equity markets. With regulatory approval, transparent reserves, and a proven track record, RLUSD is positioned as a frontrunner in shaping the future of financial settlement.
As Wall Street watches this experiment unfold, one thing is clear: onchain settlement is no longer a distant vision. It is here, and Ripple’s RLUSD is at the heart of this transformation.
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