Bullish, the cryptocurrency exchange backed by billionaire Peter Thiel, has become a pioneer on Wall Street. For the first time in U.S. history, a company has settled the entire proceeds of its initial public offering (IPO) in digital stablecoins â led by USDC from Circle and RLUSD from Ripple. In total, the exchange raised $1.15 billion.
A Historic Breakthrough for Stablecoins
Bullish confirmed that the proceeds from selling approximately 20.3 million shares at $37 each were settled through stablecoins. According to the company, this represents a first-of-its-kind milestone in U.S. IPO history, one that could redefine how capital markets settle in the future.
Most of the stablecoins were minted on the Solana network, with Jefferies serving as the billing and delivery agent responsible for minting, conversion, and settlement. The exchange primarily received USDC and EURC, which are now held exclusively by Coinbase as custodian.
Wide Stablecoin Participation
Beyond USDC and RLUSD, the transaction also involved several other stablecoins:
đč USDCV and EURCV from Societe Generale-FORGE
đč USDG from Global Dollar
đč PYUSD from PayPal
đč USD1 from World Liberty Financial
đč AUSD from Agora
đč EURAU from AllUnity
According to CFO David Bonanno, Bullish views stablecoins as one of the âmost transformative and widespread use cases for digital assets,â enabling fast, inexpensive, and secure global transfers, particularly across Solanaâs network.
Ripple and Coinbase React to Stablecoin IPO
Ripple hailed Bullishâs IPO as a historic milestone, noting that a portion of the proceeds in RLUSD was directly settled on the XRP Ledger. The company stressed that this represents the first public precedent of an IPO settlement moving fully on-chain.
Meanwhile, Coinbase, which serves as the exclusive custodian of USDC and EURC from the IPO, stated that stablecoins are simply âfaster, cheaper, and more globalâ than traditional currencies, adding that it is proud to play a role in this groundbreaking event.
#bullish , #Stablecoins , #USDC , #RLUSD , #CryptoNews
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