Bullish Completes First US IPO Using Stablecoins
Bullish raises $1.15B in first-ever US IPO settled fully in stablecoins like USDCV and PYUSD.
- Bullish settles $1.15B IPO entirely in stablecoins
- First US IPO to use stablecoins for full funding
- Stablecoins used include USDCV, EURCV, PYUSD, and more
Digital asset exchange Bullish has made history by completing its $1.15 billion IPO entirely using stablecoins, marking the first-ever U.S. IPO funded solely in digital stable assets. The company, trading under the ticker BLSH on the NYSE, has redefined how public offerings could work in the era of decentralized finance.
While IPOs have traditionally relied on fiat settlements, Bullish took a bold leap by accepting stablecoins such as USDCV, EURCV, USDG, PYUSD, and RLUSD. This bold move demonstrates the increasing confidence in digital currencies, particularly stablecoins that are pegged to traditional fiat currencies like the U.S. dollar or euro.
Stablecoins Gaining Ground in Traditional Finance
The use of stablecoins in such a high-profile transaction highlights their growing role in mainstream finance. Investors could choose from a variety of regulated and over-collateralized stablecoins to participate in the IPO. Among them, USDCV and PYUSD (PayPal’s stablecoin) stood out as the most widely used. This diversification of stablecoin options also signals the maturing ecosystem of regulated digital assets.
Bullish’s decision is expected to inspire more companies to consider digital assets in capital markets, as it demonstrates efficiency, transparency, and global accessibility. It also aligns with broader trends of tokenized finance and blockchain-based settlement systems.
What This Means for Future IPOs
By being the first to execute an IPO this way, Bullish sets a precedent that could open the door to blockchain-powered fundraising models. Regulators and traditional market participants will likely watch closely as the industry adapts to these new possibilities.
If more firms follow Bullish’s path, we could soon see a hybrid financial system where stablecoins are not just part of crypto portfolios, but also a fundamental part of public market infrastructure.
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