Crypto exchange Bullish has completed an initial public offering (IPO) worth $1.15 billion, using stablecoins for settlements for the first time in U.S. history.
Stablecoins in Bullish's IPO
Bullish stated that the settlement relied primarily on USDC and EURC from Circle, with most stablecoins minted on the Solana blockchain. The transaction was handled by Jefferies, which oversaw minting, conversion, and delivery of the tokens.
Composition of Stablecoins
In addition to USDC, Bullish's IPO included a basket of various stablecoins, such as Paxos' USDG, PayPal's PYUSD, Ripple's RLUSD, Agora's AUSD, and the Trump-linked USD1 from World Liberty Financial. Custody of the stablecoins is being provided by Coinbase, a competitor to Bullish.
Market Debut
Founded in 2021 as an institutional digital asset platform, Bullish initially planned to go public via a SPAC merger in 2021 but that deal collapsed. Despite this, the IPO has been successful, with Bullish shares surging as much as 218% in their debut on the New York Stock Exchange amid increasing institutional demand for crypto-related stocks.
Bullish continues to solidify its position in the digital asset market, utilizing stablecoins as a vital part of its financial strategy, which may catalyze similar movements among other crypto exchanges.
