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    Bullish Goes Crypto: $1.15B IPO Fueled by Stablecoins

    In a pioneering move, the crypto exchange Bullish has finalized its initial public offering (IPO) proceeds using stablecoins, marking a significant event in the digital asset space. The exchange, backed by Peter Thiel, announced it successfully received all IPO funds in various stablecoins, including USDC from Circle and RLUSD from Ripple.

    Bullish Completes IPO Settlement with Stablecoins

    According to a press release, Bullish confirmed it secured $1.15 billion from its recent IPO through stablecoin transactions. The company emphasized the importance of this event, calling it a landmark moment for stablecoin utilization in a U.S.-based IPO.

    This development comes after Bullish’s entry into the NYSE, subsequent to a prosperous IPO the previous week. By offering approximately 20.3 million shares at $37 each, the cryptocurrency exchange amassed $1.15 billion.

    Further details revealed that a large portion of the stablecoins were created on the Solana blockchain. Jefferies, serving as the billing and delivery agent for the IPO, managed the creation, conversion, and transfer of these stablecoins. It’s noteworthy that Bullish received the funds in stablecoins pegged to both the dollar and the euro.

    USDC made up the bulk of the proceeds, with EURC, Circle’s euro-denominated stablecoin, also contributing to the total. Leading cryptocurrency platform Coinbase is acting as the exclusive custodian for these digital assets, according to Bullish.

    Other stablecoins utilized in the transaction comprised Ripple’s RLUSD, Societe Generale-FORGE’s USDCV and EURCV, Global Dollar’s USDG, PayPay’s PYUSD, World Liberty Financial’s USD1, Agora’s AUSD, and AllUnity’s EURAU.

    David Bonanno, CFO of Bullish, expressed his enthusiasm for this milestone, describing stablecoins as “one of the most transformative and widely applicable uses for digital assets.” He highlighted their efficiency in facilitating swift and secure global fund transfers, particularly on the Solana network.

    Reactions from Ripple and Coinbase on Stablecoin Integration

    Upon Bullish’s announcement regarding the settlement of its IPO proceeds in stablecoins, Ripple extended its congratulations on the successful IPO. The company pointed out that RLUSD, minted on the XRP Ledger, accounted for a fraction of the total funds received.

    Ripple further commented that this marks the first instance of an on-chain settlement process for a public listing, potentially establishing a new standard for incorporating stablecoins in future listings.

    Coinbase chimed in, asserting that stablecoins are simply superior and that Bullish has once again demonstrated their advantages: “faster, cheaper, and more global.” The crypto exchange expressed pride in being the exclusive custodian of USDC and EURC proceeds derived from the IPO, acknowledging its role in this historic event.

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    Boluwatife Adeyemi

    Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand.

    Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing.

    Away from writing, he is an avid basketball lover, a traveler, and a part-time degen.

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