Share this article
Bullish's $1.15B in IPO Proceeds Was Entirely in Stablecoins—A First for Public Market
Stablecoins used in the settlement include dollar- and euro-pegged tokens of Circle, Paxos, PayPal, Ripple and Societe Generale, among others.
Updated Aug 19, 2025, 7:28 p.m. Published Aug 19, 2025, 5:31 p.m.
What to know:
- Bullish said it has received all $1.15 billion in capital raised from its IPO in stablecoins, marking a first for U.S. public markets.
- Stablecoins used in the settlement include dollar- and euro-pegged tokens of Circle, Paxos, PayPal, Ripple, Societe Generale and others.
- The transaction underscores the rising role of stablecoins in global payment flows as the sector gets increasingly regulated.
The crypto platform Bullish (BLSH), the owner of CoinDesk, said it received $1.15 billion in proceeds from its initial public offering in stablecoins, which was the first for U.S. public markets.
Most of the tokens were minted on the Solana network and predominantly settled in , the U.S. dollar stablecoin issued by Circle (CRCL), with Coinbase serving as custodian, the firm said in a Tuesday press release.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The rest of the proceeds were settled with a range of dollar- and euro-pegged tokens: Circle’s EURC, PayPal’s PYUSD, Ripple’s RLUSD on the XRP Ledger, Paxos’ USDG, Societe Generale’s USDCV and EURCV, World Liberty Financial's USD1, Agora's AUSD and AllUnity's EURAU. Jefferies managed the minting, conversion and delivery of the stablecoins.
Bullish debuted on the New York Stock Exchange last week.
The move highlights the growing role of stablecoins, crypto tokens with prices anchored to external assets like fiat currencies, as blockchain adoption accelerates in payment flows globally. The sector is also getting increasingly embedded into traditional finance, with countries like the U.S. enacting rules under the GENIUS Act last month to regulate the sector. Earlier this year, Binance also opted to receive a $2 billion investment from Abu Dhabi fund MGX in World Liberty's USD1 stablecoin.
"We view stablecoins as one of the most transformative and widespread use cases for digital assets," David Bonanno, chief financial officer of Bullish, said in a statement. "Internally, we leverage them for rapid and secure global fund transfers, especially on the Solana network."
Read more: Wyoming State Debuts U.S. Dollar Stablecoin on Seven Blockchains
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
JPMorgan Pushes Deeper Into Tokenization With Galaxy's Debt Issuance on Solana
Galaxy’s onchain debt deal, where JP Morgan acted as arranger, was settled in USDC stablecoin and backed by Coinbase and Franklin Templeton.
What to know:
- J.P. Morgan arranged Galaxy Digital’s commercial paper issuance on the Solana blockchain, one of the first of its kind in the U.S.
- Coinbase and Franklin Templeton bought the short-term debt instrument, settled in USDC
- Tokenization of real-world assets is gaining traction, with projections suggesting the market could reach $18.9 trillion by 2033.
Top Stories
