On August 14, 2025, the cryptocurrency exchange Bullish made history by conducting a $1.15 billion IPO entirely in stablecoins. This event marks the first public listing in the U.S. to settle without traditional cash.
Unique Structure of Bullish IPO
Bullish shares were priced at $37 each and soared to $118 during the NYSE debut, closing at $68, representing an 83% gain on the first day.
Blockchain's Role in the IPO
The IPO utilized a basket of stablecoins for settlement, including USDC and PYUSD. The settlement process was executed through Solana, highlighting a significant move towards leveraging digital assets.
The Future of Finance with Bullish
Bullish's success showcases the growing interest in stablecoin adoption within mainstream finance. This trend may alter how public offerings are executed in the future, reducing transaction times and costs.
Bullish's IPO serves as proof of concept that stablecoins can handle large-scale financial settlements securely and quickly. If other companies follow suit, this could fundamentally change fundraising methods on Wall Street.
