Bullish Receives $1.15 Billion IPO Proceeds in Stablecoins
Bullish (BLSH), the owner of CoinDesk, raised $1.15 billion from its IPO in stablecoins, marking a first for U.S. public markets. Key details include:
- Proceeds mainly in USDC, with most tokens minted on the Solana network.
- Other settled tokens included Circle's EURC, PayPal's PYUSD, Ripple's RLUSD, and others.
- Jefferies managed the minting and delivery of stablecoins.
- Bullish recently debuted on the New York Stock Exchange.
This event emphasizes the increasing significance of stablecoins in global payment systems and their integration into traditional finance, as evidenced by recent regulatory developments like the GENIUS Act in the U.S.
David Bonanno, CFO of Bullish, stated that stablecoins facilitate rapid and secure global fund transfers, particularly on the Solana network.