Bullish, a crypto exchange backed by Peter Thiel, has completed its IPO by receiving $1.15 billion in stablecoins, a first for any U.S. public listing. The IPO, which closed on August 14, 2025, raised funds from selling around 20.3 million shares at $37 each on the New York Stock Exchange under the ticker “BLSH.”
Most of the proceeds were settled in USDC, minted on the Solana blockchain, while a portion came in other stablecoins, including Ripple’s RLUSD. Bullish said it uses stablecoins for fast and safe global transfers, taking advantage of Solana’s network.
According to the blog post, Jefferies, as the billing and delivery agent for the initial public offering, coordinated the stablecoin minting, conversion, and delivery for the IPO. Meanwhile, Coinbase acted as exclusive custodian for USDC and EURC, Circle’s Euro-backed stablecoin.
Other stablecoins involved in the transaction include Societe Generale-FORGE’s USDCV and EURCV, Global Dollar’s USDG, PayPal’s PYUSD, World Liberty Financial’s USD1, Agora’s AUSD, and AllUnity’s EURAU.
Commenting on the milestone, Bullish CFO David Bonanno said, “We view stablecoins as one of the most transformative and widespread use cases for digital assets. Internally, we leverage them for rapid and secure global fund transfers, especially on the Solana network.”
Ripple praised the move, noting that a part of the proceeds in RLUSD on the XRP Ledger marks the first public listing to settle funds on-chain. The firm said this step sets a precedent for how stablecoins can shape future IPOs.
Coinbase also welcomed the milestone in an X post, saying stablecoins are “faster, cheaper, and more global,” and expressed pride in serving as the custodian for the USDC and EURC proceeds.
Lily Liu, President of the Solana Foundation, added, “Bullish’s use of stablecoins in its IPO merges public market infrastructure with blockchain rails, and highlights Solana’s unique position to power a new era of market efficiency and innovation.”
Greg Tusar, VP of Institutional Product at Coinbase, said the event shows the potential of stablecoins in modernizing financial systems and highlighted evolving regulations that help companies like Bullish expand crypto use for businesses and consumers.
Bullish’s IPO shows a landmark use of stablecoins in a U.S. public listing. By combining digital assets with traditional markets, the exchange has shown how crypto can play a bigger role in global finance.
Also Read: Wyoming Launches First State-Issued Stablecoin on 7 Chains
