Yet another use for stablecoins.
Bullish (NYSE: BLSH), a global digital asset platform, has rewritten financial history by raising $1.15 billion in proceeds through its initial public offering (IPO) entirely in stablecoins.
The listing marks the first time a U.S. public company has conducted its IPO settlement using blockchain-based assets rather than fiat.
The crypto exchange sold 20.3 million shares at $37 each in its New York Stock Exchange (NYSE) debut on August 14, 2025. The transaction, settled with Circle (NYSE: CRCL)‘s USDC and EURC alongside Ripple USD (RLUSD), makes Bullish the first to complete an IPO fully on-chain, with arrangements for up to $1.5 billion in capital.
Bullish IPO Pioneers Record Stablecoin Settlement with Solana
Bullish confirmed that its IPO leaned heavily on Circle’s USDC and EURC, both custodied by Coinbase and increasingly minted on the Solana (SOL) blockchain. Additionally, the settlement included tokens from a wide range of providers. Société Générale-FORGE contributed USD CoinVertible (USDCV) and EUR CoinVertible (EURCV). Paxos delivered Global Dollar (USDG) and PayPal USD (PYUSD).
Here’s a list of all stablecoins used in the Bullish IPO:
- USD Coin (USDC)
- Eur Coin (EURC)
- Ripple USD (RLUSD)
- USD CoinVertible (USDCV)
- EUR CoinVertible (EURCV)
- PayPal USD (PYUSD)
- World Liberty Financial (USD1)
- Agora (AUSD)
- AllUnity EUR (EURAU)
- Global Dollar (USDG)
Ripple’s RLUSD was minted on the XRP Ledger, while World Liberty Financial’s USD1, Agora’s AUSD, and AllUnity’s EURAU also participated. The result was one of the most diversified stablecoin settlements ever seen in global capital markets.
Most of the transactions occurred on Solana, which has quickly established itself as a hub for stablecoin activity. According to DeFiLlama, Solana’s stablecoin market capitalization has reached $11.965 billion in August 2025, marking a 135% increase from about $5.1 billion in early 2024.
Source: DeFiLlama
Bullish CFO David Bonanno explained that the firm views stablecoins as one of the most transformative applications of blockchain.
“Internally, we leverage them for rapid and secure global fund transfers, especially on the Solana network,” he emphasized.
The structure follows U.S. regulatory clarity under the GENIUS Act, which set stablecoin guidelines. Analysts believe the framework spurred adoption abroad and enabled Bullish’s IPO settlement.
Stablecoin volumes hit $6.3 billion in February 2025, with business-to-business transactions accounting for nearly half. Projections suggest annual volumes could approach $1 trillion by 2030, a release from Keyrock and Bitso recently revealed.
Crypto Industry Hails Innovative Approach to IPO
Following the listing, Ripple congratulated Bullish’s IPO as the first U.S. offering settled fully on-chain with RLUSD, marking a milestone for stablecoin adoption.
Meanwhile, Coinbase confirmed it would provide custody for USDC and EURC proceeds from the IPO. Greg Tusar, Coinbase’s vice president of institutional products, said the exchange was proud to safeguard the funds and stressed that stablecoins are demonstrating how financial settlement can become faster, cheaper, and more global.
While USDC and EURC led the offering, Paxos is expanding with USDG and PYUSD and has applied for a national trust charter, potentially making it one of the most regulated blockchain firms globally.
New entrants are also pushing the sector forward. Stable, a network tied to Tether’s USDT, secured $28 million in funding from backers including Franklin Templeton and KuCoin Ventures. Plasma raised $24 million earlier this year, while Circle introduced Arc, a blockchain ecosystem built for its stablecoins.
Even Stripe revealed a blockchain initiative called Tempo, and tokenization specialists such as Ondo Finance and Securitize have announced projects to integrate stablecoin infrastructure into capital markets.
Notably, the Bullish IPO is now viewed as a landmark example of how blockchain-based settlement can integrate directly into Wall Street’s existing structures.
