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16h ago

Bullish Closes $1.15 Billion IPO Fully in Stablecoins in First for U.S. Markets

The on-chain settlement showcases stablecoins stepping into U.S. capital markets under a model that pairs Solana-based minting with institutional custody.

Bullish's $1.15b in ipo proceeds was entirely in stablecoins—a first for public market
Solana
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Overview

  • Bullish said it received the entire $1.15 billion in IPO proceeds in a basket of USD- and EUR-pegged stablecoins.
  • Most of the tokens were minted on the Solana network, with a portion on the XRP Ledger via Ripple’s RLUSD.
  • Jefferies served as billing and delivery agent, coordinating minting, conversion, and cross-border transfers.
  • Coinbase is holding the proceeds in its institutional custody, with the bulk denominated in Circle’s USDC and EURC.
  • The basket also included PYUSD, USDG, USDCV/EURCV, USD1, AUSD, and EURAU, and BLSH shares now trade on the NYSE after an initial surge and a pullback to about $59.