Bullish says it has received all $1.15B in capital raised from its IPO in stablecoins, including USDC, USDG, and PYUSD, marking a first for US public markets
Mostly on Solana X: @ripple : Congrats to @Bullish on a successful IPO! 👏 A portion of the IPO proceeds were settled in $RLUSD, minted on the XRP Ledger. This is the first public listing to bring the settlement process onchain and sets a precedent for how stablecoins can shape future listings. Shan Aggarwal / @shanaggarwal : History made by @Bullish and @Coinbase today. Proceeds from the Bullish IPO were settled in stablecoins. The majority were settled in USDC, along with a portion in EURC, with Coinbase as the exclusive custodian for those assets 🤝 [image] Yano / @jasonyanowitz : This is cool. $1.15 billion of the Bullish IPO was distributed in stablecoins. Jefferies (big trad investment bank) was the billing/delivery agent on the IPO so they coordinated the stablecoin mint, conversion, and delivery. Most of the stables were USDC but also included [image] Simon Taylor / @sytaylor : The world's first 50% stablecoin IPO just happened. Crypto exchange Bullish received $1.15bn in USDC. This quietly changes everything about how public companies can raise capital. [image] @bullish : Bullish has arranged to receive $1.15 billion of proceeds from its recently completed initial public offering in stablecoins, which represents a historic step for the use of stablecoins in an initial public offering in the United States. https://bullish.com/... LinkedIn: Jeff Mahony : Bullish's IPO raised $1.15B in stablecoins — a first in U.S. markets. A clear marker of how digital assets are moving into the mainstream. …
Context & Ripple Effects
Bullish’s U.S. listing moved quickly from a planned NYSE IPO to an upsized offering, with the company ultimately raising about $1.1 billion at $37 a share. The settlement method adds a post-trade infrastructure dimension to that financing event.
The use of USDC alongside USDG, PYUSD, RLUSD and EURC connects several stablecoin issuers and chains to a transaction traditionally completed through conventional market plumbing. Coinbase’s custody role and Jefferies’ coordination make the result a workflow involving established intermediaries, not merely a crypto-native transfer.
First-order effects
- Bullish has received its reported $1.15 billion of IPO capital in stablecoins, while Coinbase becomes custodian for the portion it handled and Jefferies gains experience coordinating issuance, conversion and delivery.
- USDC is the principal settlement asset, with smaller roles for USDG, PYUSD, RLUSD and EURC; the latter group gains a concrete public-markets reference case, including Ripple’s previously announced dollar-backed stablecoin plan.
Second-order effects
- Banks, underwriters and custodians evaluating digital-asset settlement now have a U.S. IPO workflow to assess, including controls around custody, minting, conversion and final delivery.
- Stablecoin providers may compete more directly for institutional settlement use cases on reliability, custody integrations and interoperability, rather than solely for crypto-trading liquidity.
Third-order effects
- If repeated, on-chain settlement could become an optional layer within capital-markets operations, with regulated intermediaries retaining key roles rather than being removed from the process.
- The precedent also tests whether stablecoins can narrow the gap between a crypto company’s public-market financing and its settlement rails; broader adoption will depend on whether comparable issuers and market participants accept the operational and compliance model.
The trend: This is one early instance of stablecoins moving from crypto-market instruments toward institutionally mediated capital-markets settlement.