Ripple’s stable was used for an IPO
Bullish, a global digital asset platform focused on institutions, liquidated $ 1,150 million of the income of its initial public offer (IPO) using stablecoins, including USD Ripple (RLUSD), issued by Ripple Labs Inc.
The cryptocurrency launched in December 2024, is backed 1: 1 by the US dollar and operates on the XRP Ledger network, is positioned as the eighth largest stablecoin by market capitalization.
Jefferies, an American investment bank, acted as an invoicing and delivery agent in this IPO, coordinated the issuance, conversion and delivery of the stablecoins, working with issuing and platforms in the United States, Europe and AsiaBullish indicates in a statement.
In addition to rlusd, Bullish received other stablecoinssuch as Global Dollar (USDG) and PayPal Usd (Pyusd), USD1 of World Liberty Financial, Agora Dollar (AUSD) of Agora and Eurau de Allunity, the latter in euros.
This process occurs after the entry into force of the Genius Law in the United States, reported by cryptootics almost a month ago.
The legislation establishes that Stablecoins linked to the dollar must be supported with liquid assets, such as effective and treasure bonds in the short term, and requires the issuers regularly publish the composition of their reserves. It also introduces measures against money laundering and other risks.
Finally, Genius law encourages competition between banks and companies Fintech By allowing them to issue and offer Stablcoins under a clear regulatory framework.
This milestone in the IPO of Bullish demonstrates the growing role of the stablecoins – among them, Ripple Rlusd – in traditional finances and suggests a positive impact on XRP due to the greater use of RLUSD.
