TLDR
- Bullish Raises $1.15B in First-Ever Stablecoin IPO on Solana, Lists as BLSH
- Blockchain Breakthrough: Bullish IPO Uses USDC, RLUSD, EURCV & PYUSD
- Bullish’s $1.15B IPO Sets U.S. Record with Stablecoins on Solana
- BLSH Debuts on NYSE After $1.15B Stablecoin IPO—A Capital Markets First
- Ripple, Circle, Paxos, SocGen Power Bullish IPO with Multi-Stablecoin Model
Bullish has completed its IPO by raising $1.15 billion through stablecoins. The Solana-based settlement sets a precedent in U.S. capital markets, redefining traditional IPO funding processes. Backed by Peter Thiel, Bullish now trades on the NYSE under the symbol “BLSH” following its August 14 debut.
USDC and EURC Anchor the $1.15 Billion IPO on Blockchain
Bullish used Circle’s USD Coin (USDC) and Euro Coin (EURC) to settle the bulk of its IPO proceeds. These stablecoins were issued and transferred on the Solana blockchain for fast, low-cost settlement. Coinbase is exclusively holding the digital assets raised in this offering
📢 @Bullish secured $1.15B in IPO proceeds via stablecoins (most on Solana)
This is the first time stablecoins were used like this in a U.S. public listing
Bullish now plans to run its key operations.. custody, payments & trading on Solana-native stablecoins pic.twitter.com/eQfdGpRaLi
— 𝐒𝐎𝐋𝐔𝐍𝐈 | 𝐒𝐨𝐥𝐚𝐧𝐚 𝐔𝐧𝐢𝐯𝐞𝐫𝐬𝐞 (@SolanaUnivers) August 19, 2025
Jefferies, acting as billing and delivery agent, managed the end-to-end stablecoin minting and delivery for the IPO. The process included collaboration with issuers and platforms across the U.S., Europe, and Asia. This IPO structure demonstrates a significant shift in how companies can access capital markets.
Bullish emphasized that stablecoins offer speed, security, and transparency unmatched by traditional payment systems. By settling with blockchain-based assets, the company gained faster access to capital. The IPO also marks the first institutional example of stablecoins being used at such volume in the U.S.
Ripple’s RLUSD Joins the Historic IPO Settlement Mix
Bullish also accepted Ripple’s RLUSD, a USD-backed stablecoin issued on the XRP Ledger. RLUSD became part of the diverse group of stablecoins used to fulfill IPO settlement requirements. Ripple praised the move and celebrated RLUSD’s involvement in this financial milestone.
The inclusion of RLUSD showcases XRP Ledger’s institutional relevance and stablecoin utility in regulated financial events. It reflects how digital payment infrastructure is now viable at the IPO level. RLUSD’s role reinforces Ripple’s intent to expand blockchain-based financial tools.
The use of RLUSD also aligns with Bullish’s goal of utilizing different blockchain networks beyond Ethereum. It shows how decentralized platforms like XRP Ledger support seamless capital movement. RLUSD’s integration into the IPO adds a new dimension to its credibility.
Societe Generale-FORGE Brings EURCV and USDCV Into Play
Bullish accepted USDCV and EURCV, institutional-grade stablecoins issued by Societe Generale-FORGE, adding European banking depth to the IPO. These assets were minted and settled digitally to meet capital formation needs. Their inclusion highlights how banks are entering blockchain-based capital markets.
The use of these regulated instruments enhances investor confidence and bridges fiat systems with tokenized finance. Societe Generale-FORGE’s presence confirms stablecoins’ evolving role in global IPOs. USDCV and EURCV brought euro-denominated liquidity into Bullish’s IPO settlement pool.
This approach supports Bullish’s global ambitions by including euro liquidity alongside dollar-based stablecoins. With Solana’s high throughput and the bank’s regulated framework, the settlement proceeded securely. These stablecoins added regulatory stability to the innovative IPO model.
Paxos Powers IPO with Global Dollar (USDG) and PayPal USD (PYUSD)
Paxos issued both USDG and PYUSD, expanding the number of tokenized dollars supporting Bullish’s IPO. USDG circulated via the Global Dollar Network, helping settle institutional capital digitally. PYUSD, backed by PayPal, also featured in the IPO transaction.
These stablecoins underline Paxos’ growing influence in regulated digital finance. Their deployment in this IPO reflects trust in Paxos’ blockchain infrastructure and issuance protocols. Bullish leveraged this credibility to broaden its capital base.
Paxos’s inclusion highlights its multi-stablecoin strategy for institutional finance. Its partnerships with PayPal and the Global Dollar Network position it to lead in digital settlements. These coins helped Bullish establish a diversified and fast-moving capital settlement layer.
