Ripple’s RLUSD and Donald Trump-linked USD1 used in Bullish’s $1.1 billion IPO settlement

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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...

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