Bullish raised 1.15 billion USD from IPO using Stablecoin, mainly on Solana

The cryptocurrency exchange has publicly listed #bullish (BLSH) announced that it has received the full amount raised from the initial public offering (IPO) worth 1.15 billion USD in the form of stablecoin. This move is a significant milestone, demonstrating the increasing acceptance of digital assets in traditional financial transactions.

Breakthrough Strategy

Bullish has adopted various types of stablecoin, the majority being $USDC on the Solana network. Additionally, the company also accepted PYUSD from PayPal and RLUSD on the XRP Ledger. Most of these stablecoins are held by Coinbase.

David Bonanno, CFO of Bullish, stated that the company views stablecoin as one of the most groundbreaking and widely used cases of digital assets. Bullish uses them for quick and secure global money transfers, especially on the Solana network.

The Importance of Solana

Bullish's choice of Solana to hold the majority of stablecoin from #IPO is a strong signal of the efficiency and potential of this network. Although Ethereum still leads in total stablecoin value, Bullish's decision indicates that Solana is emerging as a preferred platform for large-scale transactions.

Lily Liu, President of Solana Foundation, remarked that Bullish's use of stablecoin in the IPO "combines public market infrastructure with blockchain rails" and "highlights Solana's unique position" in driving market efficiency and innovation.