Bullish Secures $1.15 Billion in IPO Proceeds Solely in Stablecoins—A Market First

Summary

Bullish announced that it has obtained all $1.15 billion raised from its IPO through stablecoins, a first for public markets in the U.S. The stablecoins involved are primarily dollar- and euro-pegged tokens from companies such as Circle, Paxos, PayPal, Ripple, and Societe Generale. The transaction highlights the growing significance of stablecoins in global payment streams, particularly as the industry faces increasing regulation.

Key Points

Recent Development: Bullish disclosed that its IPO proceeds were exclusively received in stablecoins, making it a unique event for the U.S. capital market.
Token Usage: The majority of the settled tokens were on the Solana network, notably in USDC, which is the dollar stablecoin issued by Circle.
Regulatory Context: The increasing usage of stablecoins reflects their rising importance as the sector adapts to rigorous regulations worldwide.

Quotes:
“We see stablecoins as one of the most transformative uses for digital assets,” declared David Bonanno, Bullish’s chief financial officer.

“Internally, we use them for swift and secure global fund transfers, especially on the Solana network.”