Bullish Raises $1.15B IPO Funds in Stablecoins

Bullish just pulled off a $1.15 billion IPO—and they did it entirely in stablecoins, bypassing traditional banking rails completely.

Why This Matters

Forget wire transfers and settlement delays. Bullish's move signals a seismic shift in how major financial operations get funded—cutting out intermediaries and embracing crypto-native infrastructure from day one.

The Bigger Picture

This isn't just another fundraising round. It's a statement: stablecoins aren't just for trading anymore. They're becoming the backbone of corporate finance—even if Wall Street still thinks 'volatility' when they hear 'crypto.'

One cynical finance jab? Maybe the only thing more stable than their fundraising choice is a banker's reluctance to admit this actually works.

Ripple’s RLUSD joins Bullish IPO settlement mix

As part of the settlement, Bullish also received Ripple USD (RLUSD), a stablecoin issued on the XRP Ledger by Ripple. In a short tweet, it congratulated the company for the “successful IPO”

“This is the first public listing to bring the settlement process onchain and sets a precedent for how stablecoins can shape future listings.” Ripple posted.

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. https://t.co/AD4AkpPnLD

In a statement, David Bonanno, Chief Financial Officer of Bullish, said  “We view stablecoins as one of the most transformative and widespread use cases for digital assets. Internally, we leverage them for rapid and secure global fund transfers, especially on the Solana network.”

He also added that the collaboration with stablecoin issuers and their listings on Bullish Exchange showed how the firm’s infrastructure supported their businesses.

Also Read: Bullish Stock Surges 200% on Launch, Driving Investor Interest