Bullish, a digital asset platform, has disclosed receiving USD 1.15 billion from its recent initial public offering, with the funds delivered in stablecoins.

This transaction concluded on August 14, 2025, marking the first large-scale use of blockchain-based tokens to settle an IPO in the United States.

The majority of these stablecoins were issued on the Solana blockchain. Jefferies acted as the billing and delivery agent, managing the minting, conversion, and transfer of the tokens in coordination with various issuers and financial platforms across the U.S., Europe, and Asia.

Mix of Stablecoins and Custody

The settlement predominantly utilized USD Coin (USDC), accompanied by a smaller portion of 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. Coinbase is responsible for custodianship of the entire amount.

Bullish officials have highlighted that stablecoins are increasingly used internally for international transfers due to Solana’s speed and cost efficiency. Representatives from the Solana Foundation have also noted that integrating IPO settlements with blockchain systems could enhance transparency and global accessibility in capital markets.

Coinbase has pointed out that using stablecoins for such a transaction demonstrates how these instruments can modernize settlement processes in financial markets, particularly as regulatory frameworks continue to evolve in the United States.

Bullish operates multiple services, including its regulated exchange, market data products under CoinDesk Indices and CoinDesk Data, and a digital media arm through CoinDesk Insights.