Bullish Settles $1.15B IPO Entirely in Stablecoins - Unchained

Crypto exchange Bullish has made history by settling its entire $1.15 billion initial public offering (IPO) using a diverse basket of stablecoins — a first for the U.S. capital markets

The IPO, which closed Aug. 14, was primarily conducted on Solana, with traditional investment bank Jefferies serving as the settlement agent. Jefferies handled the minting, conversion and delivery of several U.S. dollar and Euro-denominated stablecoins.

Bullish said the vast majority of IPO proceeds were settled in Circle’s stablecoin USDC, exclusively custodied by Coinbase.

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Other stablecoins involved in the transaction included Paxos-issued USDG and PayPal USD (PYUSD), Ripple USD (RLUSD) and World Liberty Financial’s USD1.

“We view stablecoins as one of the most transformative and widespread use cases for digital assets,” said Bullish CFO David Bonanno in a statement

“Internally, we leverage them for rapid and secure global fund transfers, especially on the Solana network.”