- Bullish leads IPO revolution with stablecoins
- Stablecoins improve transaction efficiency in finance
- Crypto exchange Bullish embraces blockchain innovation
Bullish, a stablecoin-based crypto trading platform funded by Peter Thiel, has a historic IPO, the first company to settle its IPO proceeds using stablecoins. It is considered a significant step in the digital financing world because the exchange recently managed to raise 1.15 billion dollars in an IPO. This transaction was the first to use stablecoins in place of fiat currency (at that time, this included the USDC and RLUSD coins issued by Ripple). This is a significant turning point in the way financial operations, including those in the crypto sector, are increasingly being conducted on a large scale.
Bullish Sets New Standard for IPOs with Stablecoin Settlement
Bullish was listed on August 14, 2025 through an initial public offering of $1.15 billion. Citiex’s Bullish is the first IPO to be funded in a variety of stablecoins, as opposed to the use of fiat being the norm in an IPO. Bullish investors received the distributed funds in USDC, RLUSD, and EURC stablecoins.
Digital asset platform Bullish (NYSE: BLSH) announced that its $1.15 billion IPO proceeds were fully settled in stablecoins, making it the first IPO in the United States to be completed using stablecoin funding. The stablecoins used include USDCV, EURCV, USDG, PYUSD, RLUSD, among…
— Wu Blockchain (@WuBlockchain) August 19, 2025
The stablecoins were created mostly on the Solana network, but Jefferies provided the billing and delivery agent for the undertaking. The case made by Bullish with stablecoins sets another objective as to what futures IPOs might have, a departure from the mainstream financial system.
Those were mostly paid in USDC and a few in EURC, a stablecoin pegged to the Euro issued by the cryptocurrency company Circle. Noticeably, all these stablecoins are held by Coinbase who are the only custodians securing the assets. This move is an expression of a broadened realization of the role of stablecoins as a vital ingredient of global trade and financial stability, in particular, in the digital asset realm.
Ripple and Coinbase React to Bullish’s Innovation
Both Ripple and Coinbase demonstrated their support of Bullish in the decision to settle the proceeds of their IPO in stablecoins. During its listing, Ripple hoped the exchange would succeed, stating that part of the money used to pay would have been done using RLUSD, a stablecoin which operated on the XRP Ledger. The move can be considered as a breakthrough to the mainstreaming of traditional financing infrastructure with the blockchain. Coinbase also responded saying how stablecoins are fast, more effective and can be done globally, as opposed to the common way of sending money transfer.
David Bonanno, the CFO at Bullish, pointed out that stablecoins are one of the most game-changing constituents of digital assets in the opinion of the exchange. He revealed that the medium is using the stablecoins to conduct safe and comfortable transfers all over the world, especially on the Solana network. The news has enjoyed broad publicity and marks a new dawn in capital markets and the future of IPO.
The Role of Stablecoins in Financial Systems
This historic incident constitutes the bigger picture in the adoption of stablecoins in the financial sector. As a new type of digital asset, Stablecoins have been slowly gaining popularity over the ability to hold their prices compared to more traditional varieties of cryptocurrencies in addition to the utility of blockchain technology.
The introduction of stablecoins to the IPO process is seen as one of the major steps in the future as the transactions will be speedy, transparent, and secure. The enhanced regulatory clarity has the potential to bring more companies to the way Bullish uses digital assets as a way to raise capital.
This step is in line with the mission of Bullish to offer innovative solutions to institutional investors. Stablecoin in their IPO can depict their willingness to provide state-of-the-art financial services closing the gap that exists between conventional finance and cryptocurrencies. The effects of this development will be felt far and beyond the crypto and financial industries with major players such as Ripple, Coinbase and Circle being part of it.
