Bullish is receiving the payout from its recently completed Initial Public Offering (IPO) entirely in stablecoin.
By Godfrey Benjamin
Editor Hamza Tariq
Updated
3 mins read
Top cryptocurrency exchange Bullish wants to receive the payout from its recently completed initial public offering (IPO) entirely in stablecoins.
According to the announcement, the value of the payout is a total of $1.15 billion. This move marks a new era where stablecoins are used in an IPO in the United States.
Bullish is about to pioneer an era where stablecoins are used in an IPO settlement. The exchange noted that a significant percentage of the stablecoins, which were both USD- and EUR-denominated, were minted on the Solana SOL $178.2 24h volatility: 2.8% Market cap: $96.26 B Vol. 24h: $5.60 B blockchain.
Activities like stablecoin minting, conversion, and the delivery process were coordinated by Jefferies, the billing and delivery agent for the recently completed IPO.
It worked alongside several issuers and platforms across the U.S., Europe, and Asia. A large part of the proceeds was settled in Circle’s USDC, and another in EURC.
Both stablecoins are under the exclusive custody service of American cryptocurrency exchange Coinbase Global Inc. Also, there is USD CoinVertible (USDCV) and EUR CoinVertible (EURCV) issued by Societe Generale-FORGE.
Others are Global Dollar (USDG), issued by Paxos and available via Global Dollar Network partners, Agora Dollar (AUSD), issued by Agora, and EURAU, issued by AllUnity.
Even some of the newest stablecoins in the market made it to the list. This includes PayPal USD (PYUSD) issued by Paxos, Ripple USD (RLUSD) issued on XRP Ledger by Ripple XRP $2.93 24h volatility: 3.0% Market cap: $174.20 B Vol. 24h: $6.21 B , and USD1 issued by the Donald Trump family-linked World Liberty Financial.
David Bonanno, CFO at Bullish, acknowledged stablecoins’ transformative status as well as their widespread use cases for digital assets. This likely informed the company’s decision to receive its IPO payout in stablecoins.
“Internally, we leverage them for rapid and secure global fund transfers, especially on the Solana network. We believe our collaborations with the stablecoin issuers represented here, including their listings on our Bullish Exchange, demonstrate how the infrastructure and liquidity we’ve built at Bullish helps power their businesses,” Bonanno said.
On one hand, this move reflects Solana’s strong position, especially in powering market efficiency and innovation.
Last week, CMB International, one of Asia’s largest asset managers, partnered with DigiFT and OnChain to tokenize its Hong Kong–Singapore Mutual Recognition Fund on the Solana blockchain.
Similarly, meme coin generator Pump.fun, which is supported by the Solana network, has been generating significant media buzz lately. It recently deposited 86,255 SOL (worth $16.22 million) into Kraken instead of executing a planned buyback of PUMP tokens.
Despite the downtrend in the broader crypto market, the positive sentiments surrounding the Solana ecosystem may cause its price to improve significantly.
SOL had successfully reached an all-time high of around $294 in January but faced some challenges that led to a drop in its price. At the time of writing, the SOL price is trading at $182.10.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
