Bullish (NYSE: BLSH), a global digital asset platform, raised $1.15 billion in proceeds, making it the first IPO in U.S. financial history to use stablecoins. The majority of proceeds from the IPO included multiple stablecoins such as USDC, EURC, and Ripple USD (RLUSD), which Ripple issued on the XRP Ledger.
A Landmark IPO Settled In Stablecoins
Bullish officially closed its IPO on August 14, 2025, with its shares now trading on the New York Stock Exchange under the BLSH ticker. Jefferies coordinated the IPO as the billing and delivery agent by minting, converting, and delivering stablecoins across the U.S., Europe, and Asia.
Most of the IPO proceeds went into USDC, one of the most widely used stablecoins. A portion of the funds was also received in EURC and Ripple USD (RLUSD), further diversifying the settlement mix.
Once collected, the stablecoins were transferred into custody under Coinbase, which now exclusively manages these assets on behalf of Bullish, a custodial setup that reflects the need for safe storage in large transactions and the importance of robust crypto systems for managing substantial funds.
Ripple’s RLUSD And The Future Of Stablecoin Integration
Several stablecoins were used in the IPO, but Ripple’s RLUSD took the spotlight. Using RLUSD on the XRP Ledger showed its growing role in major financial deals. For Ripple, this key moment proves its stablecoin can manage large transactions in leading capital markets.
Bullish executives are vocal about why they structured the IPO this way. Bullish’s CFO, David Bonanno, called stablecoins one of the practical use cases in digital assets. According to him, Bullish uses stablecoins for global transfers thanks to their speed and safety, and to him, the IPO is proof of their increasing value to large institutions. He highlights the company’s collaborations with stablecoin issuers like Ripple, saying its infrastructure and liquidity help drive new ideas and growth.
Coinbase, now responsible for holding the IPO proceeds, also sees this as a turning point. The Vice President of Institutional Product at Coinbase, Greg Tusar, says the milestone is proof that stablecoins are changing financial systems in real time. He says recent steps in regulation, including the GENIUS Act, give NYSE-listed companies like Bullish the confidence to embrace digital asset solutions. Tusar added that more straightforward rules and strong custody options have created the groundwork for stablecoins to transform the way businesses and everyday people use money.
Bullish’s IPO and Ripple’s RLUSD highlight the growing link between crypto and traditional finance. What was once seen as a speculative asset class now provides the rails for a historic Wall Street transaction, with stablecoins proving they are more than just a tool for crypto traders. As Bullish begins its journey as a publicly traded company, its reliance on stablecoins, particularly RLUSD, could become a blueprint for how other institutions approach capital markets in the years ahead.
