Bullish IPO Raises $1.15 Billion Using Stablecoins, a First for U.S. Markets
- Bullish raised $1.15 billion in stablecoins through its IPO, the first of its kind in the U.S.
- Most proceeds were minted on Solana and are being held in custody by Coinbase.
- The move shows how stablecoins can be integrated into traditional capital markets.
Bullish has entered the record books after completing its initial public offering with $1.15 billion in proceeds, all settled in stablecoins. The event marks the first time in U.S. market history that stablecoins have been used at this scale in a public listing. Bullish shares are now trading on the New York Stock Exchange under the ticker BLSH, following the August 14 close.
The company, which provides digital asset market infrastructure and services, chose to receive the majority of funds in USD Coin (USDC) and a smaller amount in Euro Coin (EURC). Coinbase has taken custody of the proceeds, reflecting the growing trust placed in regulated custodians. The process highlights a shift toward blockchain-powered settlement in mainstream finance.
Solana Hosts Major IPO Settlement With Diverse Stablecoin Mix
A large proportion of the stablecoins were minted on the Solana blockchain, demonstrating the network’s ability to settle high volumes securely and fast. Jefferies served as the billing and delivery agent of the IPO, covering the minting, conversion, and transfer of multiple regions such as the U.S., Europe, and Asia.
The transaction involved a range of stablecoins. These were Societe Generale-FORGE’s USD CoinVertible (USDCV) and EUR CoinVertible (EURCV), Paxos’s Global Dollar (USDG), PayPal USD (PYUSD), Ripple USD (RLUSD) on the XRP Ledger, World Liberty Financial’s USD1, Agora Dollar (AUSD), and AllUnity’s EURAU. This inclusion demonstrates the fact that a range of different issuers are coming into the market of regulated, blockchain-based settlement assets.
Ripple noted that part of the proceeds of the IPO were finalized in RLUSD, which was the first time an on-chain stablecoin had ever directly participated in settling a public listing. The company referred to such a development as a milestone towards future events of capital-raising.
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
— Ripple (@Ripple) August 19, 2025
Also Read: $1.82 Billion Stablecoin Surge Hits Binance: Key Reasons Behind the Influx
Industry Leaders from Bullish, Solana, and Coinbase Highlight Progress
Industry leaders from within the digital assets sector hailed the offering as a milestone of financial innovation. David Bonanno, Chief Financial Officer at Bullish, referred to stablecoins as a speedier, more reliable means of transferring money globally, of which Solana offers the infrastructure.
Lily Liu, President of the Solana Foundation, noted that the use of stablecoins in the IPO links public markets with blockchain infrastructure in a way that creates both transparency and accessibility.
Greg Tusar, Vice President of Institutional Product at Coinbase, said:
We’re proud that Coinbase’s custody solution is supporting this historic moment. With evolving regulatory clarity, including the GENIUS act, leading businesses like Bullish are better positioned to unlock the full potential of crypto for businesses and consumers alike.
Also Read: Coinbase Secures $1 Trillion Crypto Options Giant Deribit in Landmark Deal
