Bullish Completes $1.15B IPO Settlement Using Multiple Stablecoins

Bullish, a crypto exchange backed by billionaire Peter Thiel, made history by completing a $1.15 billion IPO on the NYSE with a significant portion of the proceeds settled in stablecoins, including Ripple's RLUSD minted on the XRP Ledger. This innovative approach marks the first public listing in the U.S. to integrate stablecoins directly into the settlement process, signaling a transformative shift in how capital markets can operate with enhanced speed, transparency, and efficiency. The majority of the proceeds were settled in Circle's USDC on the Solana network, alongside other stablecoins such as PayPal USD (PYUSD), Agora Dollar (AUSD), and Global Dollar (USDG), with Coinbase providing custody solutions to ensure security. Bullish's stock surged 84% on its debut, though it experienced some volatility with a 2.16% decline in pre-market trading shortly after. Ripple and Coinbase praised the move, highlighting its potential to modernize the global financial system and set a precedent for future IPOs to leverage blockchain-based settlements. Bullish's CFO emphasized that the company already uses stablecoins for fast, secure fund transfers, and this IPO showcased blockchain's capability to power global finance at scale.