Key Takeaways
- Peter Thiel-backed crypto exchange Bullish settled its IPO proceeds worth $1.15 billion in stablecoins.
- The deal saw Coinbase as the chief custodian and used more than half a dozen stablecoins.
- Coinbase CEO called it a “baller move” and the future of settlements.
Peter Thiel-backed crypto exchange Bullish has rewritten Wall Street history.
Its blockbuster $1.15 billion IPO didn’t just make headlines for its size—it became the first U.S. initial public offering to settle proceeds entirely in stablecoins.
$1.15 Billion Settled in Stablecoins
Most of the funds came through Circle’s USDC and EURC, while others—including Ripple’s RLUSD, PayPal’s PYUSD, and Societe Generale’s USDCV/EURCV—rounded out the mix.
Notably, Tether’s USDT, the market’s largest stablecoin, was left out of the transaction.
Coinbase acted as the sole custodian of the assets, managing all stablecoin flows. CEO Brian Armstrong didn’t mince words about the milestone:
“Getting your IPO proceeds in stablecoins is a baller move. Big moment for all of crypto. Soon this will be the new normal,” Armstrong said.
Most of the stablecoins were issued on the Solana blockchain, chosen for its speed and cost efficiency.
Why It Matters
Bullish initially planned to raise $629 million, but demand pushed the final haul to $1.15 billion from 30 million shares at $37 each.
The fact that such a high-profile IPO was processed entirely through stablecoins marks a turning point—not just for crypto, but for traditional markets, too.
Stablecoin settlements are increasingly being tested in big-ticket deals.
Earlier this year, Binance’s $2 billion acquisition of Abu Dhabi’s MGX was also largely settled in stablecoins.
With the U.S. GENIUS Act providing regulatory clarity, more institutions are expected to follow suit.
For now, Bullish’s IPO is being hailed as a blueprint for how financial markets may operate in the near future.
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Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
His coverage spans major industry events, including the high-profile collapses of FTX, Three Arrows Capital (3AC), and LUNA, offering readers insightful analyses of their regulatory and market implications. Prashant’s technical background enables him to bridge the gap between intricate blockchain technology and its real-world applications, making his work accessible to novices and experts.
Beyond his professional pursuits, Prashant is an avid music enthusiast, often exploring diverse genres to unwind. A sports lover, he has a particular passion for cricket and frequently engages in discussions about the game. His multifaceted interests and sharp journalistic instincts make him a valuable contributor to CCN, where he continues shaping the crypto landscape's narrative.
