Bullish Exchange Receives $1.15 Billion IPO Proceeds in Stablecoins
Cryptocurrency exchange Bullish plans to receive its $1.15 billion IPO payout entirely in stablecoins, marking a first for IPO settlements in the U.S.
Bullish Supports USD and EUR Stablecoins
- Payout primarily involves USD- and EUR-denominated stablecoins minted on the Solana blockchain.
- Jefferies coordinated the minting, conversion, and delivery processes.
- Major portion settled in Circle’s USDC and EURC, both under custody of Coinbase Global Inc.
- Other stablecoins involved include USDG, AUSD, PYUSD, RLUSD, and USD1.
David Bonanno, CFO at Bullish, highlighted stablecoins' role in global fund transfers, particularly on the Solana network.
Impact on Solana
- The move reinforces Solana’s position in market efficiency and innovation.
- CMB International partnered with DigiFT and OnChain to tokenize its mutual fund on Solana.
- Pump.fun generated media attention by depositing 86,255 SOL worth $16.22 million into Kraken.
- SOL price recently traded at $182.10, down from an all-time high of around $294.