The financial and tech markets achieved a breakthrough with the $1.15 billion IPO of the digital asset platform Bullish, marking the first U.S. public offering fully funded via stablecoins. With this landmark IPO, Bullish demonstrated how blockchain technology is redefining market settlements and cross-border financial transactions.
Revolutionizing IPOs with Stablecoins
On August 14, 2025, Bullish made history by settling every dollar of proceeds from its IPO in stablecoins. The process was carried out using stablecoins like USDC, EURC, and innovative digital currencies such as PayPal USD (PYUSD) and Ripple’s RLUSD. This milestone highlights the growing relevance of blockchain and stablecoin adoption in the global financial ecosystem.
Solana’s Role in Market Settlement
A major highlight of the Bullish IPO was its reliance on the Solana blockchain network to mint and process the stablecoins involved in the settlement. Solana’s speed, scalability, and cost efficiency positioned it as the preferred choice for managing large-scale transactions during the IPO. According to Lily Liu, President of the Solana Foundation, this achievement represents a seamless integration between traditional financial markets and next-generation blockchain systems.
Institutional Custody by Coinbase
To safeguard the funds, Bullish utilized Coinbase’s institutional custody services. The majority of assets were stored in USDC and EURC under Coinbase’s high-security infrastructure. Greg Tusar, Coinbase’s VP of Institutional Product, called this a pivotal example of how stablecoins are modernizing finance by providing faster and more efficient settlement solutions for institutional clients.
Why Stablecoins Matter
Stablecoins, pegged to traditional currencies like USD and EUR, provide the dual benefits of cryptocurrency flexibility and fiat currency stability. Bullish CFO David Bonanno emphasized that stablecoins are foundational for cross-border financial transfers, ensuring faster transactions without the complications of international banking processes. Their use in the IPO underscores their increasing utility in mainstream finance.
Implications for Digital Assets and Future IPOs
This groundbreaking IPO could serve as a playbook for other digital asset firms entering public markets. As blockchain technology continues to evolve, more companies might follow Bullish’s example, leveraging stablecoins for faster, more secure settlements that break down conventional financial barriers.
Explore Stablecoin Tools
Stablecoins are reshaping the financial landscape, and platforms like Coinbase provide tools for institutional and individual investors to interact with this technology. If you’re interested in learning more about stablecoins or starting your own investment journey, explore Coinbase’s stablecoin offerings today.
With Bullish trading on the NYSE under the ticker BLSH, all eyes are now on how this innovative approach will influence the broader financial market.
