Ripple’s RLUSD Powers Bullish Exchange’s Historic $1.15 Billion IPO

TLDR

Table of Contents

Bullish received $1.15 billion in stablecoins, including Ripple’s RLUSD, for its IPO.
Ripple’s RLUSD, minted on the XRP Ledger, marks a milestone in public listings.
The deal sets a precedent for using stablecoins in IPO settlements.
Coinbase and Ripple congratulate Bullish for the successful IPO and on-chain settlement.

Bullish, a Peter Thiel-backed crypto exchange, has completed its initial public offering (IPO) and secured $1.15 billion in proceeds, with a portion settled in stablecoins, including Ripple’s RLUSD. This marks a historic step in the growing role of stablecoins in traditional financial markets, with the first public listing settlement taking place on-chain.

Ripple’s RLUSD, which is minted on the XRP Ledger, was used for a part of the funds raised, setting a significant precedent for future public listings. This move underscores the increasing adoption of blockchain technology and stablecoins for major financial operations.

Ripple Reacts to the Historic Bullish IPO

Ripple, the company behind the RLUSD stablecoin, celebrated this historic IPO milestone, taking to social media to express their congratulations to Bullish. In a tweet, Ripple pointed out that this is the first instance of a public listing that utilizes an on-chain settlement process. Ripple emphasized that this move could reshape how future public listings are handled, particularly with respect to stablecoins.

Ripple’s tweet read:

“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 on-chain and sets a precedent for how stablecoins can shape future listings.”

This acknowledgment highlights Ripple’s continued influence in the evolving cryptocurrency landscape and the growing use of RLUSD in the financial world.

Coinbase’s Role and Bullish’s Use of Stablecoins

Coinbase, a cryptocurrency exchange, also joined in the celebration, stating that stablecoins are a “faster, cheaper, and more global” means of conducting transactions.

As the exclusive custodian of the USDC and EURC stablecoins involved in the IPO, Coinbase affirmed its role in supporting Bullish’s historic IPO and acknowledged the growing importance of stablecoins in the global economy.

Bullish’s decision to settle the majority of its IPO proceeds using stablecoins, including USDC and RLUSD, further emphasizes the increasing utility of digital assets in mainstream financial activities. The exchange believes that leveraging stablecoins will enable faster, more secure global fund transfers, especially through the Solana network.

A New Era for Stablecoins in Traditional Finance

This historic IPO serves as a key moment for the stablecoin industry. The successful use of RLUSD and USDC for such a large-scale financial transaction sets a new precedent for the future of stablecoins in public listings. Ripple’s involvement in the transaction, and its use of the XRP Ledger, illustrates how blockchain technology can integrate with traditional financial markets.

Stablecoins like RLUSD, which are pegged to the U.S. dollar, have become increasingly important in the cryptocurrency ecosystem. The GENIUS Act, recently passed in the U.S., has set guidelines for stablecoin usage, paving the way for their more widespread adoption in mainstream financial applications.

As more companies explore the use of stablecoins for large-scale transactions, this IPO could become a template for future listings in the digital asset space. With Bullish and Ripple leading the charge, the future of IPOs may look increasingly tied to blockchain technology and stablecoins.

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