Digital asset platform Bullish has confirmed it received USD 1.15 billion from its recent initial public offering, with the proceeds delivered in stablecoins.
The transaction, which concluded on 14 August 2025, marks the first time an IPO in the United States has been settled on this scale using blockchain-based tokens.
The majority of the stablecoins were issued on the Solana blockchain. Jefferies acted as a billing and delivery agent, overseeing the minting, conversion, and transfer of the tokens in coordination with issuers and financial platforms across the United States, Europe, and Asia.
Stablecoin mix and custody
Most of the settlement was completed in USD Coin (USDC), with a smaller share in Euro Coin (EURC). Additional tokens included USD CoinVertible and EUR CoinVertible issued by Société Générale-FORGE, Global Dollar and PayPal USD from Paxos, Ripple USD on the XRP Ledger, USD1 from World Liberty Financial, Agora Dollar from Agora, and EURAU from AllUnity. The entire amount is being held in custody by Coinbase.
Representatives from Bullish noted that stablecoins are increasingly used internally for international transfers, with Solana cited for its speed and cost efficiency. Officials from the Solana Foundation added that combining IPO settlements with blockchain-based systems could improve transparency and global accessibility in capital markets.
Coinbase officials also commented that the use of stablecoins for such a transaction illustrates how the instruments could modernise settlement processes in financial markets, especially as regulatory frameworks continue to evolve in the United States.
Bullish operates several services, including its regulated exchange, market data products under CoinDesk Indices and CoinDesk Data, and a digital media arm through CoinDesk Insights.
