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Bullish, the global digital asset platform behind the BLSH stock ticker, has completed a landmark IPO, becoming the first U.S. public company to settle the majority of its offering proceeds in stablecoins. Source: Roundtable The offering, which took place on August 14, raised $1.15 billion — a significant sum for a company bridging traditional finance and the digital asset economy. But what truly set the listing apart was its structure: proceeds were settled using a basket of stablecoins including USDC, EURC, PayPal USD (PYUSD), Ripple USD (RLUSD), and others, all held in custody by Coinbase. Bullish operates a regulated spot and derivatives exchange, offering deep liquidity powered by a combination of automated market making and traditional central order book systems. The company has been pushing boundaries in market infrastructure, and this IPO structure marks a new chapter in crypto-capital markets. Jefferies served as the settlement agent for the offering, which utilized the Solana blockchain to mint and record the tokens. According to Bullish, the approach significantly reduced settlement times, improved transparency, and allowed global capital access to the deal. NEW YORK, NEW YORK - AUGUST 13: Tom Farley, CEO of Bullish, (C) celebrates after ringing the opening bell at the New York Stock Exchange during morning trading on August 13, 2025 in New York City. Farley rang the opening bell to celebrate the company's Initial Public Offering. The cryptocurrency exchange priced its IPO at $37 per share, above the expected range of $32 to $33, giving it a total market value of $5.4 billion. (Photo by Michael M. Santiago/Getty Images) Bullish leans into stablecoin infrastructure The company says its use of stablecoins in the IPO was not simply a gimmick but a meaningful statement on the future of financial infrastructure. "We view stablecoins as one of the most transformative and widespread use cases for digital assets,” said Bullish CFO David Bonanno. He added that the firm already uses stablecoins to power fast, secure international transfers, and hopes the IPO structure will create a broader blueprint for others in the space. Related: What is Crypto? Cryptocurrency explained The company’s move aligns with rising institutional interest in blockchain-native capital markets. Lily Liu, President of the Solana Foundation, called the IPO a turning point: “Internet Capital Markets enable capital to move faster, with greater transparency, and in a globally accessible manner." Greg Tusar, VP of Institutional Products at Coinbase, noted that the GENIUS Act, which provides regulatory clarity for stablecoins, had laid the groundwork for such innovation. “The rulebook has changed — and companies like Bullish are showing us what the new normal can look like.” Bullish shares dip The majority of tokens were minted on the Solana network, with Jefferies acting as agent with respect to billing and delivery, as per the press release. On August 20, BLSH shares declined more than 6% to $59.51 — down from their IPO price of $61.56. The stock dipped as low as $57.92 during intraday trading before recovering slightly. While the dip might seem modest, it points to broader market uncertainty around crypto firms that use innovative structures. Analysts suggest some investors may be taking a wait-and-see approach to how the stablecoin-settled offering holds up under scrutiny from regulators and market participants alike.

Crypto exchange Bullish disclosed on Aug. 19 that part of its $1.15 billion IPO proceeds was received in a mix of stablecoins, including Ripple’s RLUSD on the XRP Ledger and President Donald Trump-affiliated USD1. The firm said these tokens were among several digital assets involved in the settlement process, which also included Circle’s USDC and EURC, Paxos’ PYUSD and USDG, Societe Generale-FORGE’s EURCV and USDCV, Agora’s AUSD, and AllUnity’s EURAU. According to the firm, most of these stablecoins were issued and settled on the Solana network. Jefferies was the billing and delivery agent, coordinating the minting, conversion, and settlement across multiple regions. After conversion, Bullish transferred the proceeds to Coinbase for custody, ensuring the funds remain in a regulated and secure infrastructure. This decision illustrates Bullish’s intent to use blockchain rails for real-world financial operations. By adopting stablecoins in its IPO process, the company demonstrated how digital assets can streamline capital markets and reduce settlement risks. David Bonanno, Bullish’s CFO, emphasized that stablecoins are central to the company’s capital management. He noted that networks like Solana allow near-instant settlements, which provide both speed and transparency while lowering operational risks. Bullish’s IPO closed on Aug. 14, with shares priced at $37, above the expected $32 to $33 range. The strong demand gave the exchange a market valuation of $5.4 billion, reflecting investor confidence in platforms integrating blockchain-based settlement with traditional markets. RLUSD and USD1 gain institutional momentum Although Bullish did not disclose the exact RLUSD and USD1 amount minted for the transaction, its involvement highlights growing institutional use of these stablecoins. Notably, the RLUSD token is also central to Ripple’s $75 million credit facility for Gemini, a US-based crypto exchange. Gemini’s IPO filing revealed that it secured the agreement in July. The agreement allows access to loans of up to $75 million, with an option to extend to $150 million if performance targets are met. On the other hand, USD1 was used by the Abu Dhabi investment firm MGX to close its $2 billion deal with Binance, the largest crypto exchange by trading volume. These deals signal that RLUSD and USD1 are steadily emerging as key players in institutional stablecoin adoption. The post Ripple’s RLUSD and Donald Trump-linked USD1 used in Bullish’s $1.1 billion IPO settlement appeared first on CryptoSlate.