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1h ago

Bullish Settles $1.15 Billion NYSE IPO Entirely in Stablecoins

Jefferies coordinated minting with custody at Coinbase to showcase Solana-based settlement speed.

Bullish's $1.15b in ipo proceeds was entirely in stablecoins—a first for public market
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Ripple’s rlusd fuels bullish ipo as wall street watches onchain settlement unfold
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Overview

  • Bullish said the entire payout was received in a mix of dollar- and euro-pegged tokens, mostly minted on Solana and largely settled in Circle’s USDC.
  • The basket spanned issuers including Circle, Paxos (PYUSD, USDG), Ripple (RLUSD), Societe Generale-FORGE (USDCV, EURCV), World Liberty Financial (USD1), Agora (AUSD), and AllUnity (EURAU).
  • Jefferies served as billing and delivery agent, coordinating stablecoin minting, conversion, and delivery for the settlement.
  • Following conversion, the proceeds were transferred to Coinbase for custody within regulated infrastructure.
  • The company called using stablecoins for all IPO proceeds a first for U.S. public markets and cited near‑instant settlement benefits on Solana.