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Bullish made history by settling its $1.15B IPO entirely in stablecoins. Discover how Bullish stablecoins like RLUSD, USDC, and PYUSD are reshaping capital markets with onchain settlement and blockchain infrastructure.
Author: Sahil Thakur
On August 14, the digital asset platform Bullish closed its $1.15 billion IPO on the New York Stock Exchange. But it wasn’t the NYSE listing alone that broke new ground. Bullish settled the IPO proceeds entirely in stablecoins, marking the first time in U.S. history that public market capital flowed onchain.
This isn’t just a crypto company listing shares. It’s a capital markets overhaul. Bullish used stablecoins from across the spectrum: USDC, EURC, PYUSD, RLUSD, and more. The settlement happened via blockchain infrastructure, led mostly on Solana. The implications for speed, transparency, and global access in public offerings are massive.
The majority of stablecoins were minted on the Solana network. Jefferies handled billing and delivery, coordinating stablecoin minting and transfer across the U.S., Europe, and Asia.
The proceeds, mostly in USDC and some in EURC, now sit under custody at Coinbase. Coinbase called it a “historic moment,” emphasizing the regulatory progress (like the GENIUS Act) that now enables such structures.
Ripple’s RLUSD, minted on the XRP Ledger, played a key role in the settlement. Ripple publicly hailed the IPO as the first onchain public listing, calling it a precedent-setter.
And it’s not just optics. RLUSD is quickly embedding itself into institutional infrastructure:
Ripple’s July report laid it out plainly: stablecoins like RLUSD are essential in unstable regions where access to USD is limited. It’s not just convenience, it’s necessity.
The full roster of stablecoins used in Bullish’s IPO spans multiple issuers and jurisdictions:
Bullish CFO David Bonanno said the firm leans heavily on stablecoins, especially on Solana for secure global transfers. He called them “one of the most transformative use cases for digital assets.”
Bullish didn’t just list on the NYSE. It delivered a blueprint for how crypto rails can support real, regulated capital formation. Stablecoins just went from remittance tools to IPO settlement vehicles. The stakes? The future of capital markets.
| Company / Entity | Status | Date / Filing | Key Metrics & Notes |
|---|---|---|---|
| Circle | Completed IPO | June 2025 | Raised $1.1B; valuation ~$6.9B; shares more than doubled on debut. |
| Bullish | Completed IPO | August 2025 | IPO price $37; jumped up to 218% intraday; market cap peaked around $13B. |
| Figure Technology | Filing | Mid 2025 | H1 2025 revenue: $191M; net profit: $29M after prior year losses. |
| Gemini | Filing | August 2025 | S-1 filed; H1 2025 loss: $282.5M; strong user and trading volume growth; MiCA license secured. |
| BitGo | Filing | 2025 | Confidential filing; raised $100M in 2023; 2023 valuation ~$1.75B; major crypto custodian. |
| Grayscale | Filing | 2025 | Confidential IPO submission; $21.7B in AUM across crypto investment products. |
| Galaxy Digital | Completed | May 2025 | Uplisted from Toronto to Nasdaq; fully public in U.S. now. |
| eToro, Kraken, OKX, TRON | Exploring | 2025 | Potential IPO candidates; planning or evaluating public listings. |
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