In a groundbreaking step that is the first of its kind in the world, the central trading platform "Bullish" completed its initial public offering worth $1.15 billion, using only stablecoins, without relying on any traditional currency, marking a milestone in the world of digital finance and crypto assets.

This move came after the Cayman Islands-based company announced last week a deal worth $1.11 billion, surprising markets by completing a larger transaction by $40 million, confirming that all payments were made in stablecoins.

Digital wallet details: Surprising exclusion of USDT

Bullish accepted investor payments through a variety of stablecoins, including its list: USDC, RLUSD from Ripple, PYUSD from Paxos, USD1 from World Liberty Financial, in addition to EURC, USDCV, EURCV, USDG, AUSD, and EURAU.

Perhaps the most interesting detail is the notable absence of the USDT currency issued by Tether, which is the largest stablecoin in the world by market capitalization and trading volume. Speculation indicated that this exclusion may have been driven by a pursuit for stronger regulatory integration in the United States, especially with Bullish's shares listed on the New York Stock Exchange and the choice of the prominent U.S. platform Coinbase to custody these assets.

Official comment from Coinbase

Greg Tosar, Vice President of Institutional Products at Coinbase, commented on this achievement, saying: "Bullish's innovative use of stablecoins in its IPO represents an important milestone for the digital asset system. This achievement underscores the transformative potential of stablecoins. As regulatory clarity evolves, leading companies like Bullish are better positioned to unlock the full potential of cryptocurrencies."

Historic moment

Although the full reasons behind the choice of this stablecoin wallet - and the exclusion of USDT - remain somewhat unclear, the deal undoubtedly opens a new door in the world of finance, setting a precedent that other companies may follow in the future, enhancing the status of stablecoins as legitimate and effective payment and investment tools.

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