Ever thought a company could go public using only crypto? Bullish Exchange just did, rewriting Wall Street history with a massive $1.15 billion IPO entirely in stablecoins! This isn’t just big news; it’s a glimpse into the future of finance. Is this the beginning of a truly decentralized stock market?
Bullish, a prominent global digital asset platform, has fundamentally reshaped financial markets by successfully completing its initial public offering (IPO) with an unprecedented $1.15 billion entirely settled in stablecoins. This landmark event on the New York Stock Exchange (NYSE) marks a pivotal moment, as it represents the first instance a U.S. public company has conducted its IPO settlement using blockchain-based assets instead of traditional fiat currency, establishing a new paradigm for capital markets.
The crypto exchange offered 20.3 million shares at $37 each, with the transaction seamlessly executed using a diverse array of stablecoin offerings including Circle’s USDC and EURC, alongside Ripple USD (RLUSD). This groundbreaking fully on-chain settlement underscores a significant shift, demonstrating the burgeoning capability of blockchain finance to integrate directly into established Wall Street structures and handle large-scale financial transactions with efficiency and transparency.
Beyond USDC and EURC, which are primarily custodied by Coinbase, the Bullish Exchange IPO showcased remarkable diversification in its chosen settlement assets. Contributions came from Société Générale-FORGE with USD CoinVertible (USDCV) and EUR CoinVertible (EURCV), Paxos providing Global Dollar (USDG) and PayPal USD (PYUSD), and Ripple’s RLUSD minted on the XRP Ledger. Further participation from World Liberty Financial’s USD1, Agora’s AUSD, and AllUnity’s EURAU underscored a collective industry push towards broader stablecoin adoption.
Notably, a significant portion of these transactions leveraged the Solana blockchain, which has rapidly evolved into a leading hub for stablecoin activity. Data from August 2025 indicated Solana’s stablecoin market capitalization soared to $11.965 billion, reflecting a remarkable 135% increase from early 2024. This exponential growth highlights Solana’s robust infrastructure and its increasing appeal as a foundational layer for digital assets and on-chain financial operations.
The success of Bullish’s IPO is largely attributed to the evolving regulatory landscape, particularly the clarity provided by the U.S. GENIUS Act, which established comprehensive guidelines for stablecoins. Analysts widely believe this framework has not only spurred international adoption but also directly enabled this historic stablecoin IPO settlement. Projections suggest that annual stablecoin volumes could approach an astonishing $1 trillion by 2030, signaling a massive expansion in their utility and market presence.
Following the successful listing, major players in the cryptocurrency news space were quick to offer congratulations. Ripple commended Bullish for being the first U.S. offering settled fully on-chain with RLUSD, recognizing it as a critical milestone for broader stablecoin integration. Similarly, Coinbase confirmed its role as the exclusive custodian for USDC and EURC proceeds, with its VP of institutional products emphasizing how stablecoins are making financial settlement faster, cheaper, and globally accessible.
The digital assets ecosystem continues to expand rapidly, with companies like Paxos growing their USDG and PYUSD offerings and applying for national trust charters. New entrants are also making significant strides; Stable, a network linked to Tether’s USDT, secured $28 million in funding, while Plasma raised $24 million. Even traditional giants like Stripe are exploring blockchain initiatives with Tempo, and tokenization specialists such as Ondo Finance and Securitize are actively integrating stablecoin infrastructure into traditional capital markets, showcasing pervasive Wall Street innovation.
In essence, the Bullish Exchange IPO stands as a monumental achievement, not merely for its financial scale but for its profound implications on how future public offerings and financial settlements can be conducted. It unequivocally demonstrates that blockchain-based settlement is no longer a fringe concept but a viable, efficient, and increasingly accepted component directly integrating into the foundational structures of global finance. This event truly rewrites financial history.
