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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. The post Ripple’s RLUSD and Donald Trump-linked USD1 used in Bullish’s $1.1 billion IPO settlement appeared first on CryptoSlate.

Top cryptocurrency exchange Bullish wants to receive the payout from its recently completed initial public offering (IPO) entirely in stablecoins. According to the announcement, the value of the payout is a total of $1.15 billion. This move marks a new era where stablecoins are used in an IPO in the United States. Bullish Support USD- and EUR-Dominated Stablecoins Bullish is about to pioneer an era where stablecoins are used in an IPO settlement. The exchange noted that a significant percentage of the stablecoins, which were both USD- and EUR-denominated, were minted on the Solana SOL $178.1 24h volatility: 2.3% Market cap: $96.23 B Vol. 24h: $5.58 B blockchain. Activities like stablecoin minting, conversion, and the delivery process were coordinated by Jefferies, the billing and delivery agent for the recently completed IPO. It worked alongside several issuers and platforms across the U.S., Europe, and Asia. A large part of the proceeds was settled in Circle’s USDC, and another in EURC. Both stablecoins are under the exclusive custody service of American cryptocurrency exchange Coinbase Global Inc. Also, there is USD CoinVertible (USDCV) and EUR CoinVertible (EURCV) issued by Societe Generale-FORGE. Others are Global Dollar (USDG), issued by Paxos and available via Global Dollar Network partners, Agora Dollar (AUSD), issued by Agora, and EURAU, issued by AllUnity. Even some of the newest stablecoins in the market made it to the list. This includes PayPal USD (PYUSD) issued by Paxos, Ripple USD (RLUSD) issued on XRP Ledger by Ripple XRP $2.93 24h volatility: 3.1% Market cap: $173.96 B Vol. 24h: $6.21 B , and USD1 issued by the Donald Trump family-linked World Liberty Financial. David Bonanno, CFO at Bullish, acknowledged stablecoins’ transformative status as well as their widespread use cases for digital assets. This likely informed the company’s decision to receive its IPO payout in stablecoins. “Internally, we leverage them for rapid and secure global fund transfers, especially on the Solana network. We believe our collaborations with the stablecoin issuers represented here, including their listings on our Bullish Exchange, demonstrate how the infrastructure and liquidity we’ve built at Bullish helps power their businesses,” Bonanno said. Solana Gains More Traction With Bullish Move On one hand, this move reflects Solana’s strong position, especially in powering market efficiency and innovation. Last week, CMB International, one of Asia’s largest asset managers, partnered with DigiFT and OnChain to tokenize its Hong Kong–Singapore Mutual Recognition Fund on the Solana blockchain. Similarly, meme coin generator Pump.fun, which is supported by the Solana network, has been generating significant media buzz lately. It recently deposited 86,255 SOL (worth $16.22 million) into Kraken instead of executing a planned buyback of PUMP tokens. Despite the downtrend in the broader crypto market, the positive sentiments surrounding the Solana ecosystem may cause its price to improve significantly. SOL had successfully reached an all-time high of around $294 in January but faced some challenges that led to a drop in its price. At the time of writing, the SOL price is trading at $182.10.next The post Bullish Exchange Bags $1.15 Billion IPO Proceeds in Stablecoins appeared first on Coinspeaker.