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Bitcoin Drops to $113K, Retail Traders Turn Bearish — Why This Could Be a Positive Signal

Elendu Benedict
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Bitcoin Drops to $113K, Retail Traders Turn Bearish — Why This Could Be a Positive Signal

Bitcoin went from a new all-time high to a drop below $113,000 in a few days, and retail investors have turned bearish. Here’s what it means for prices.

BTC reached a new all-time high above $124,000 just last week. Less than seven days later, the pioneering cryptocurrency is down 8.5% from the price mark, losing crucial support areas.

Retail Traders Lose Interest in Bitcoin

Amid the steep correction, data from Santiment shows that retail traders have moved with the market flow. The report, shared on Wednesday, reveals that the crowd has given up on Bitcoin, following its brief dump below $113,000.

In the past 24 hours, retail investors have held the most bearish sentiment about Bitcoin on social media in almost two months. Santiment highlights that the last time such a strong negative bias occurred was on June 22, when the US targeted airstrikes against Iran over the Israel conflict.

An accompanying chart highlighting the positive and negative sentiment ratio shows that we have entered the “crowd fear” territory. This area comes with panic selling among retailers and impatient whales, confirmed by the increased sell pressure seen recently.

Crowd Sentiment at Fear Territory/Santiment

Crowd Fear: A Good Sign for Bitcoin Price

Nonetheless, this heightened pessimistic sentiment has historically proven to be a good opportunity either for bulls to add to their positions or for new market entrants. Santiment insisted that such market conditions signal that a good rebound is imminent for Bitcoin.

The analytical provider encouraged patient traders to buy where there is blood in the streets, a famous quote tied to financial expert Nathan Rothschild. It noted that the market historically moves in the opposite direction of the crowd’s expectation, implying that a market resurgence is almost underway.

Notably, Bitcoin’s reaction to a similar occurrence two months back further strengthens this narrative. For context, BTC bottomed at $98,330 on June 22 when retail turned extremely bearish. However, it rebounded 26% from the dip to its current all-time high before this downtrend.

Here’s Where Bitcoin Could Go Next

Moreover, bullish long-term outlooks among industry leaders continue to emerge for Bitcoin, with some expecting much higher prices before the end of the year. Canary Capital CEO Steve McClurg says there is a 50% chance that Bitcoin reaches $150,000 this year, with some other projections insisting on $200,000.

Some others are more bullish, predicting a huge bullish foray to $600,000. Analyst AO shared this sentiment, tapping the correlation between BTC and gold as the basis for this expectation.

Wealth Manager Says Spot XRP ETF Poised for Approval Within Two Months

Lele Jima
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Wealth Manager Says Spot XRP ETF Poised for Approval Within Two Months

President of NovaDius Wealth Management, Nate Geraci, has suggested that spot XRP ETFs could be approved in the next two months. 

Geraci made this bold claim just days after the U.S. SEC postponed its decision on several spot XRP ETF applications. Earlier this week, the securities regulator failed to approve or disapprove the launch of several spot XRP exchange-traded funds from Bitwise, Grayscale, and CoinShares. 

Despite this, Geraci emphasized that the floodgates for spot XRP ETFs appear likely within the next two months. This indicates that Geraci expects the SEC to approve multiple XRP ETFs between now and October. 

Indeed, the October timeline aligns with the SEC’s final deadline to rule on several XRP-linked spot ETFs, including those whose decisions were recently postponed. 

Notably, the SEC must decide whether to approve or disapprove Grayscale’s request to convert its XRP Trust to a spot ETF by October 18. It also has a final deadline of October 19 to decide on 21Shares’ XRP ETF. 

An approved spot ETF would be a major milestone for XRP. These products would bring mainstream institutional access to XRP and possibly a stronger price floor driven by fund inflows. 

Crypto Regulatory Clarity Looms 

Geraci’s projection is influenced by the U.S. favorable regulatory landscape for crypto, which he believes would pave the way for the launch of these XRP investment products. 

According to him, the United States will soon have a full regulatory framework for spot crypto ETFs, including those linked to XRP. Specifically, he mentioned that the CLARITY Act, which the U.S. House recently passed, is currently before the Senate. 

This bill seeks to establish a regulatory structure for the U.S. digital asset ecosystem, mitigate the legal uncertainty surrounding asset classification, and clarify the respective roles of the CFTC and SEC. 

Since the House has already passed the CLARITY Act, a similar action in the Senate will see the legislation move to the president’s desk for signing into law. However, the timeline for this action remains uncertain. 

Favorable Projections for Other Crypto ETFs 

Meanwhile, the wealth manager projected that the SEC will also approve other spot ETFs linked to altcoins like Solana and Litecoin by October 2025. 

Additionally, he believes the SEC will also approve staking for existing spot Ethereum ETFs at any moment from now. This will allow spot Ethereum ETF investors to earn additional returns from staking activities. 

XRP Needs to Close August Above This Level to Launch Upward Surge

Sam Wisdom Raphael
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XRP Needs to Close August Above This Level to Launch Upward Surge

A well-known market watcher has identified the level XRP needs to close above this month, August, to break free from the current consolidation.

For context, XRP has been stuck within a bearish phase over the past week, especially after recovering the $3.35 high on Thursday, Aug. 14. Following this peak, XRP collapsed nearly 6% on the same day, bringing it to the $3 support, and then collapsed another 6.62% five days later to lose the $3 support.

XRP Needs to Close August Above $3.3

Amid the downtrend, several analysts have suggested that a recovery could be on the horizon. However, market commentator EGRAG believes this isn’t likely for now until XRP closes above a particular price level this month of August, with 12 days left. 

At the time of his analysis, XRP had already relinquished the $3 support, trading for $2.99 as it looked to recover. The market watcher noted that it must close August above the $3.3 resistance to mount an upward push in September.

Data from his chart shows that XRP had successfully formed and broken out of a double bottom structure or W pattern on the monthly chart. For the uninitiated, a double bottom is a bullish pattern that looks like the letter “W,” formed when the market drops to a low point twice and then rebounds. It often suggests a potential shift to an upward trend.

XRP’s Double Bottom Structure

Notably, XRP formed the first bottom when it dropped from the $3.3 peak in January 2021 to a floor of $0.1050 in March 2020 and then recovered to another high of $1.96 in April 2021. From here, XRP again collapsed to another floor of $0.2879 in June 2022 and then recovered above $2 in December 2024. This formed the second bottom.

XRP Double Bottom Breakout EGRAG Crypto
XRP Double Bottom Breakout | EGRAG Crypto

Specifically, the neckline of this structure aligned with the $1.96-$2 price region, which XRP broke above in December 2024. However, the pullback and consolidation that lasted from February to July 2025 retested this breakout at the $2 support. The retest was successful in July 2025, with XRP recovering above $3 and trading around that level this month.

EGRAG’s chart shows that XRP would need to reclaim and close August above the $3.3 price level, which aligns with the next resistance trendline, to maintain this breakout and eventually flip the momentum to bullish in September. 

September Could Look Good for XRP

Interestingly, EGRAG had already predicted bullish momentum for XRP in September, leveraging a different outlook. In a recent analysis, he suggested that XRP could rally 777% to a new price target of $28 by September 2025. 

Closing August on a bullish note could set the stage for this run. Also, media personality Zach Rector predicted that September could lead to greater price levels for XRP. Rector projected last month that XRP could hit $7-$15 from Aug. 23 to Sept. 7.

Meanwhile, other market analysts believe XRP may be on the verge of a breakout. For one, CryptoInsightUK identified a bullish divergence on the XRPETH daily chart, indicating that XRP could outperform Ethereum soon. Also, CrediBULL noted that XRP was showing signs of recovery while ETH looked set to take a breather.

Someone Eventually Sells as 94% of XRP Wallets Now in Profit, but Here’s Why Now Could be Different

Sam Wisdom Raphael
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Someone Eventually Sells as 94% of XRP Wallets Now in Profit, but Here’s Why Now Could be Different

With more than 90% of XRP holders now seeing profit, an expert has teased imminent selling pressure, but identifies why this time could be different.

For context, XRP is currently holding steady above $3, hovering close to its all-time high. As a result, fresh data from Glassnode shows that nearly 94% of XRP wallets are now in profit. While this shows how much investors have gained, history warns that such levels of profitability often trigger heavy selling that drives the price lower.

XRP Percent Supply in Profit Glassnode
XRP Percent Supply in Profit | Glassnode

Someone Always Sells as 94% of XRP Wallets Now in Profit

Speaking on this, market analyst Winny recently explained that the market has a memory and tends to repeat itself. He compared the current moment to climbing a mountain, where the higher the climb, the harder it becomes to breathe. 

The market watcher pointed out that XRP recently claimed $3.11, marking a 500% surge from $0.40 in under a year. As most holders now sit on profits, Winny reminded investors that XRP has seen this scenario before, and both times it ended badly.

For instance, in January 2018, when more than 90% of wallets showed gains, XRP peaked at $3.30 and then crashed by 95%. Also, in April 2021, the same thing happened: profitability crossed 90% as XRP hit $1.95, before tumbling 85%. 

Now, with profitability even higher at 94%, Winny has emphasized that the market could be facing the same risk because, at some point, investors take profits. According to Winny, “someone eventually sells” when most holders are in green.

Why This Time Might be Different

Despite this reality, Winny suggested that this cycle might not follow the same script, citing several bullish factors that could make the current situation different. For one, whale activity has reached record levels, with wallets holding over 1 million XRP climbing to new highs. 

Moreover, he also noted that network activity is surging, with 225,000 daily active addresses, the most in three years. In addition, XRP is consolidating in a triangle pattern around $3.05. 

Winny noted that if the price breaks below this level, it could slide to $2.40, but if it breaks higher, Elliott Wave models suggest a rally toward $6 or more. Should these technical and on-chain metrics hold strong, XRP might find strong support during profit-taking periods, hedging against the massive drops observed in past cycles.

However, fellow analyst EGRAG Crypto confirmed in a previous analysis that XRP could eventually face another big drop. Nonetheless, he insisted that it will likely happen only after a strong rally. 

EGRAG predicted two possible scenarios. One, if XRP climbs to $9, he expects it to retrace by about 85%, pulling the price down to around $1.30, much like the 2021 crash. But if XRP surges to $27, he warned of a steeper 97% correction, which could drag it back to $0.80, mirroring the 2018 collapse.

Wyoming Launches First State-Issued Stablecoin in the U.S

Zabi
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Wyoming Launches First State-Issued Stablecoin in the U.S

Wyoming has officially rolled out the Frontier Stable Token (FRNT), becoming the first U.S. state to issue a government-backed stablecoin designed to bring digital payments into mainstream use.

Governor Mark Gordon, also the chair of the Wyoming Stable Token Commission, said the project will benefit both individuals and businesses. “This launch gives our citizens a modern, efficient, and secure way to transact,” he noted, calling it a milestone in Wyoming’s journey to embrace financial technology.

Fully Reserved and Over-Collateralized

Unlike many privately issued stablecoins, FRNT has been designed to be fully reserved. Its backing consists of U.S. dollars and short-term U.S. treasuries, both of which are held in trust. To enhance confidence, it is structured to be 2% over-collateralized, ensuring that its assets always exceed the number of tokens in circulation.

Blockchain data on the project’s website shows that FRNT is already live across several major networks, including Ethereum, Solana, Avalanche, Polygon, Optimism, Arbitrum, and Base. This wide deployment is intended to ensure interoperability and easy adoption across the digital economy.

Public Access Coming Soon

Although the token has already been deployed, public access will begin in the coming days. Wyoming officials confirmed that FRNT will be made available on Solana through the U.S.-based exchange Kraken. It will also be supported on Avalanche via Rain’s Visa-linked card platform, making it usable for everyday payments.

The announcement coincided with the Wyoming Blockchain Symposium in Jackson Hole, Wyoming. Its timing also aligned with new federal legislation. Specifically, the U.S. recently enacted the GENIUS Act to set clear rules for stablecoin issuers.

Stablecoins Market on the Rise

Stablecoins are digital tokens whose value is tied to traditional assets such as the U.S. Dollar. They have become a $260 billion industry and are widely used for trading, payments, and cross-border transfers. A recent report by crypto trading firm Keyrock predicts the sector could reach $1 trillion in market size within just a few years.

Wyoming’s stablecoin is not only a financial experiment but also a policy statement. The state has long promoted blockchain-friendly laws and positioned itself as a hub for digital asset innovation. In 2023, it created the Stable Token Commission to oversee the development of a U.S. dollar-backed token and to ensure proper regulation.

Testing Real-World Uses

Ahead of the official launch, Wyoming successfully conducted a test payment to a government contractor using Avalanche-based infrastructure. The pilot was considered a proof of concept. It showed how blockchain can streamline transactions and reduce costs compared to traditional payment methods.

Notably, the Frontier Stable Token is supported by several private-sector partners chosen through a competitive process. LayerZero is responsible for cross-chain token issuance, while Fireblocks manages the blockchain infrastructure and ensures security.

Franklin Advisers oversees the reserves backing the token, and Inca Digital provides open-source intelligence tools to monitor activity. To guarantee accountability, The Network Firm will conduct regular audits and monthly attestations.

Together, these collaborations are intended to ensure transparency, security, and compliance. In doing so, they directly address concerns that have surrounded some privately issued stablecoins in recent years.

What Comes Next

Wyoming’s bold step could encourage other states to consider launching their own digital assets. For now, it stands alone as the first U.S. state to back a stablecoin with public authority. The launch signals a technological shift and a broader trend toward integrating blockchain into the foundations of government finance.

SoFi Launches Low-Cost Global Remittances Using Bitcoin Lightning Network

Abdulkarim Abdulwahab
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SoFi Launches Low-Cost Global Remittances Using Bitcoin Lightning Network

Nasdaq-listed SoFi has partnered with Lightspark to launch a new international remittance service powered by the Bitcoin Lightning Network.

The service is going live later this year. It will allow SoFi members to send money abroad directly from the SoFi app, offering faster, cheaper, and more convenient service than traditional providers.

Bitcoin in the Backend, Dollars in the Front

At the core of SoFi’s new service is Lightspark’s Universal Money Address (UMA). This protocol enables users to send and receive funds using human-readable identifiers, similar to email addresses.

When a member sends money internationally, the system converts their U.S. dollars into Bitcoin in real time and transmits it over the Lightning Network. It then converts the funds back into the recipient’s local currency before depositing them into their bank account.

The entire process takes just seconds and is invisible to the end user, who sees only their local currency going in and out.

This initiative puts SoFi among the first banks in the U.S. to offer blockchain-powered remittances directly within its native app. The company aims to undercut traditional remittance giants with below-average total fees and a transparent cost structure. Users will be able to see exchange rates and fees upfront before confirming a transaction.

Initial Rollout Begins with Mexico

Notably, SoFi’s international transfers will initially support payments to Mexico, with plans to include additional countries over time. Per the announcement, this phased rollout is to ensure the service remains secure, stable, and scalable as demand grows.

The remittance feature will be integrated into SoFi Checking & Savings, offered through SoFi Bank, N.A., and will be available 24/7.

Lightspark Brings Lightning to the Masses

The partnership marks a major real-world deployment of Lightspark’s Bitcoin Lightning Network infrastructure. CEO David Marcus, a former PayPal and Meta executive, said UMA’s integration with SoFi enables fast, low-cost, and secure global dollar transfers, powered by Bitcoin, which he calls the world’s only open payments network.

Cross-border payments account for hundreds of billions in annual volume, yet many legacy providers still charge high fees. Meanwhile, crypto integrations like this are introducing much-needed competition and innovation to the space.

SoFi members can sign up for early access to the remittance feature, which will roll out to all Checking & Savings users later in 2025.

Expert Warns Strategy Could Face a Spiral of Doom for Its Bitcoin Bet Following New Equity Guidance

Sam Wisdom Raphael
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Expert Warns Strategy Could Face a Spiral of Doom for Its Bitcoin Bet Following New Equity Guidance

Strategy has again grown its already massive Bitcoin stash, but its latest financial update has triggered worries that the company’s approach could eventually backfire. 

Notably, while Chairman Michael Saylor insists the plan gives the firm more flexibility, a prominent expert believes it could push the company into a dangerous cycle that hurts both shareholders and its Bitcoin strategy.

For context, just yesterday, on Aug. 17, Strategy revealed it had purchased 430 more Bitcoin, spending about $51.4 million at an average price of roughly $119,666 per coin. 

This new purchase lifted the company’s total holdings to 629,376 Bitcoin, worth about $46.15 billion in total. The company said its average purchase price sits at $73,320 per Bitcoin and that its Bitcoin investments have delivered a 25.1% return so far this year.

Strategy Releases Equity Guidance After Latest Bitcoin Buy

Following the announcement, Michael Saylor shared an update about how Strategy plans to manage its stock in relation to the value of its Bitcoin. 

Notably, he explained that the company uses a measure called mNAV, or market net asset value, which compares the company’s share price to the value of the Bitcoin it owns. Depending on where the share price sits relative to that benchmark, Strategy will take different actions.

Specifically, if MSTR trades at more than four times its mNAV, Strategy plans to sell new shares aggressively to buy more Bitcoin. If the stock trades between two-and-a-half and four times its mNAV, the company will still issue shares but only when it sees a good opportunity.

Meanwhile, the approach changes once the stock drops below two-and-a-half times mNAV. In that range, Strategy would sell shares not just to buy Bitcoin but also to handle debt interest, pay preferred equity dividends, and cover other needs. 

Strategy Equity Guidance in Relation to Bitcoin mNAV
Strategy Equity Guidance in Relation to Bitcoin mNAV

Further, should the shares crash to below 1x mNAV, the company confirmed it could borrow money so as to buy back its own stock.

For perspective, at a four times mNAV, Strategy’s implied price would sit at $1,000. Meanwhile, the price would hover around $600 for a 2.5x mNAV, and $210 at a 1.0x mNAV. Today, Strategy’s stock trades at $344, carrying an mNAV of 1.58x.

Experts Express Concerns

Saylor presented this plan as a way to give management more options when dealing with the market, but not everyone feels confident about it. Dom Kwok, co-founder of the blockchain education company EasyA, warned that the strategy could trap Strategy in what he called a spiral of doom.

Kwok argued that if the company keeps selling new shares to pay off debt, shareholders will see their stakes diluted. Each round of dilution could pull the stock price lower, which would then force the company to sell even more shares to raise money. 

Over time, that cycle could snowball, with falling share prices and growing debt costs pushing the company into a position where it might need to sell some of its Bitcoin to stay afloat.

In addition, speaking on the recent update, pseudonymous surgeon and market commentator Operation Danish claimed that the “Ponzi” is now starting to unravel. Crypto community pundit Based16z also suggested the Strategy Chairman was already “folding.”

Strategy still holds the largest corporate Bitcoin reserve in the world, and Saylor continues to promote Bitcoin as the best long-term store of value. However, the company’s heavy reliance on issuing shares to fuel its Bitcoin buying has triggered criticism from analysts who question whether the model can hold up.

Veteran Analyst Predicts Timeline for Shiba Inu to Soar From $0.00017 to $0.00032

Lele Jima
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Veteran Analyst Predicts Timeline for Shiba Inu to Soar From $0.00017 to $0.00032

A veteran crypto trader has predicted the price of Shiba Inu for the final quarter of the year. 

Shiba Inu has seen heightened volatility in recent hours, with its price briefly rising above $0.000014 before slipping below that level. It is currently trading at $0.00001378 with a market capitalization of $8.12 billion.

Shiba Inu Q4 2025 Price Target

While Shiba Inu continues to trade around the $0.00001 level, veteran analyst using the alias “Anonymous” expressed that the asset could register a new all-time high in the fourth quarter of this year.

He projects Shiba Inu could trade between $0.00017 and $0.00032 by Q4 2025, precisely in the last three months of the year. Reaching the targets requires Shiba Inu to eliminate a zero from its price.

Notably, the base target of $0.00017 represents a 1,133% increase from the current price of $0.00001378. However, the ambitious target of $0.00032 would require a significant rally of 2,222% from the current level.

The forecasted range represents a new all-time high for Shiba Inu. While the $0.00017 target is 92.19% above the ATH of $0.00008845 set in October 2021, the $0.00032 projection represents a 261% increase.

Shiba Inu prediction for Q4 by Anonymous
Shiba Inu prediction for Q4 by Anonymous

Mixed 2025 Predictions for Shiba Inu

The latest outlook from the prominent analyst joins the growing optimism about Shiba Inu reaching new highs by the end of this year. Most commentators believe that SHIB’s price will range between $0.0001 and $0.0003 in this bull season.

As previously reported, Forbes published a bullish 2025 Shiba Inu prediction from the co-founder of CIFDAQ Blockchain Ecosystem, Himanshu Maradiya. According to him, Shiba Inu would climb to around $0.0001 – $0.0003 by the end of 2025.

Maradiya indicated that Shiba Inu will achieve the price milestone so long as its ecosystem continues to evolve, coupled with favorable market conditions.

Moreover, analyst Eunice Wong also previously forecasted that Shiba Inu would break above the $0.0001 mark this year, reaching $0.000125. However, some analysts do not see Shiba Inu clinching the $0.0001 target soon.

Specifically, a group of panelists disclosed in a Finder report that Shiba Inu will reach an average price of $0.0000399 this year. In a similar development, Seasonal Token founder Ruadhan sets $0.00005 as Shiba Inu’s top target for the year.

Despite claiming to be bullish on Shiba Inu, Anonymous stressed that there is no guarantee that his Shiba Inu prediction will materialize.

SharpLink Gaming Ethereum Holdings Surpass $3 Billion With 143,593 ETH Acquisition

Elendu Benedict
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SharpLink Gaming Ethereum Holdings Surpass $3 Billion With 143,593 ETH Acquisition

SharpLink now holds over $3 billion worth of Ethereum after it announced adding to its stash today, as the competition among Ethereum Treasury firms intensifies.

SharpLink Gaming, a betting firm-turned-Ethereum treasury firm, took to X on Tuesday to reveal its new Ethereum acquisition. Specifically, it announced that it bought 143,593 ETH, worth $667 million, in the week ending on August 17.

New Addition to Ethereum Holdings Takes Value Beyond $3B

Notably, SharpLink disclosed it acquired the 143,593 ETH at an average price of $4,648, bringing its total holding to 740,760 ETH. At the current market price, the bag has now surpassed $3 billion, specifically worth $3.19 billion.

SharpLink Ethereum Acquisition

This further solidifies its place as the second-largest public company holding Ethereum. The firm sits below Tom Lee’s Bitmine, which has amassed a staggering 1.5 million ETH ($6.55 billion) in a few months.

SharpLink adopted Ethereum as a primary treasury asset in May, with its initial $425 million private placement. The company, chaired by Ethereum co-founder Joseph Lubin, applied to the US Securities and Exchange Commission (SEC) on May 30 to issue securities worth $1 billion and has raised additional funds through debt instruments to buy more Ethereum since then.

Over $84M in Cash: More Ethereum Acquisition Incoming

The Nasdaq-listed firm revealed that it holds over $84 million in cash on hand, a fiat stack it plans to use to acquire more Ethereum. Notably, it generated the funds through its “at-the-market” and direct offering to institutions.

SharpLink announced raising $537 million through these public and private share offerings last week to fund its recent acquisitions. It amassed $146.5 million via ATM and $390 million from direct offerings, which ended on August 11.

Meanwhile, SharpLink has earned 1,388 ETH from its staking activities since June 2. The firm took to staking to earn passively from its Ethereum holding and hence, increase its ETH per share. It also disclosed an Ether Concentration of 3.87, up 94% since June 2.

Growing Corporate Demand for Ethereum

Meanwhile, SharpLink is one of the many companies currently acquiring Ethereum massively. Its approach mirrors that of Michael Saylor’s Strategy playbook for Bitcoin, but for the second-largest cryptocurrency by market cap.

Besides SharpLink and Bitmine, other firms such as the Ether Machine, Bit Digital, and BTCS Inc. have also joined the Ethereum acquisition party, raising billions of dollars to stack the altcoin king. Currently, 69 firms hold 4.1 million ETH (3.39% of the Ethereum supply) worth $17.63 billion.

Moreover, these incessant purchases have coincided with Ethereum’s resurgence. Ether has rallied over 14% in the past month, reaching a high of $4,795 last week before retracing to its current price of $4,270.

Bullish Settles Portion of $1.5B IPO Proceeds in RLUSD on XRP Ledger

Lele Jima
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0
Bullish Settles Portion of $1.5B IPO Proceeds in RLUSD on XRP Ledger

Bullish, a global crypto exchange with multiple tier-1 licenses, has completed a historic U.S. IPO, with part of the $1.5 billion proceeds settled in Ripple USD (RLUSD). 

According to a press release today, Bullish made arrangements to receive $1.5 billion in proceeds from its recently completed IPO in stablecoins. Notably, proceeds from public offerings are usually paid in fiat currencies like EUR, USD, or GBP, through banks. 

However, Bullish adopted an innovative approach that saw it settle the offering using multiple USD and EUR-denominated stablecoins. Popular investment bank Jefferies served as the delivery agent of Bullish’s IPO. 

The investment bank collaborated with multiple issuers in the United States and Europe to create, convert, and deliver the stablecoins. Most of the Bullish IPO proceeds were settled in stablecoins on the Solana network, including Circle’s USDC and EURC. 

Some Proceeds Settled in RLUSD 

Bullish also confirmed that it settled some of the IPO proceeds in Ripple USD (RLUSD). Per the announcement, the RLUSD tokens were minted on the XRP Ledger (XRPL). 

San Francisco-based payments company Ripple congratulated Bullish on its successful IPO while acknowledging that a portion of Bullish’s IPO proceeds was settled with RLUSD. In the post, Ripple noted that the Bullish IPO is the first public listing that brought its settlement on-chain. 

Furthermore, the remaining proceeds of the IPO were settled in other stablecoins like PayPal USD (PYUSD), Agora Dollar (AUSD), USD1, Global Dollar (USDG), and others. 

Coinbase to Help Bullish Custody RLUSD and Other Stablecoins 

According to the announcement, Coinbase will provide a custody solution for the stablecoins to ensure security. Reacting, Coinbase’s VP of Institutional Products, Greg Tusar, said the exchange is proud to play a crucial role in supporting Bullish’s IPO event. 

The Coinbase exec stated that the development reflects how stablecoins can modernize the global financial system. David Bonanno, the CFO of Bullish, emphasized that the company sees stablecoins as one of the most transformative use cases of digital assets. He revealed that Bullish has been leveraging stablecoins internally for cross-border settlements. 

RLUSD Market Cap Surges 26%  

Meanwhile, there has been a growing adoption of stablecoins since the U.S. provided regulatory clarity for the stablecoin market. This is reflected by the surge in RLUSD’s market cap, which has soared 26.31% over the past month to $666.57 million. 

Despite the surge, Ripple is actively seeking to bolster RLUSD’s dominance in the stablecoin market and recently acquired Rail for $200 million to advance this goal. 

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