Bullish sets a record with a $1.15 billion IPO: All stablecoin settlement disrupts traditional practices, strong validation for the Solana ecosystem | Wall Street welcomes a milestone moment

Bullish (stock code: BLSH) completed an $1.15 billion initial public offering (IPO) in a brand new model, becoming the first New York Stock Exchange-listed company to raise funds entirely using blockchain stablecoins, hailed by market analysts as a “watershed moment.” This IPO relied on stablecoins such as USDC and EURC, and was primarily settled through the Solana blockchain, strongly validating its position as a mainstream settlement layer. At the same time, various stablecoins like Paxos and PayPal participated, and the GENIUS Act provided regulatory clarity, jointly advancing stablecoin B2B payments and capital market applications into a new phase.

Record-Breaking IPO: Full Stablecoin Settlement Disrupts Wall Street Traditions On August 14, 2025, Bullish, supported by billionaire Peter Thiel and others, officially listed on the New York Stock Exchange (NYSE). Its IPO raised a total of $1.15 billion, all completed through blockchain-based stablecoins, completely overturning the traditional USD cash settlement model for IPOs, marking a profound transformation in Wall Street’s infrastructure. A senior market strategist commented, “This is not just another IPO — this is the clearest signal yet that stablecoins are reshaping Wall Street.”

Solana becomes the core settlement layer, ecological stablecoin market value surges This IPO relies on USD Coin (USDC) and Euro Coin (EURC) issued by Circle. These assets are hosted by Coinbase and increasingly anchored on the Solana Blockchain for efficient Settlement. Jefferies, as the billing and delivery agent, coordinated the minting, conversion, and transfer processes across multiple issuers in the US, Europe, and Asia.

• Solana Position Verification: As most of the settlements are completed through stablecoins on the Solana network, this IPO strongly verifies Solana’s role and capability as the go-to settlement layer.
• Ecosystem Data Growth: According to DeFiLlama data, the total market capitalization of stablecoins on the Solana network currently stands at 11.739 billion USD, with a 7-day growth of 5.04%. USDC and EURC have taken a large share of the daily stablecoin trading volume on Solana, which has become the dominant blockchain for these assets. Recent data shows that by 2025, the cumulative transfer volume of stablecoins on Solana has surpassed 300 billion USD.
• Corporate Application Endorsement: Bullish CFO David Bonanno stated, “We view stablecoins as one of the most transformative and widely applicable use cases for digital assets. Internally, we use them (especially through the Solana network) for fast and secure global fund transfers.”

Diverse stablecoins come together to depict the future settlement landscape This issuance has also attracted a diverse range of stablecoins, demonstrating how cross-border digital asset infrastructure supports Capital Market activities, referred to by market observers as “the most diversified stablecoin-based listing Settlement ever executed.” The participating stablecoins include:

• USD CoinVertible (USDCV) and EUR CoinVertible (EURCV) issued by Société Générale-FORGE
• Global Dollar (USDG) issued by Paxos and PayPal USD (PYUSD)
• Ripple USD issued on the XRP Ledger (RLUSD)
• USD1 issued by World Liberty Financial
• Agora issued Agora Dollar (AUSD)
• EURAU issued by AllUnity

Regulatory Push and Market Growth: Stablecoins Move Towards the Trillion-Dollar Track The recently passed “GENIUS Act” in the United States has established clearer guidelines for the issuance and regulation of stablecoins. By providing regulatory certainty and influencing overseas frameworks, it has encouraged greater adoption of digital dollar assets both domestically and internationally, partly fueling the rise of stablecoins in this round. A joint report by Keyrock and Bitso reveals that the trading volume of stablecoins reached $6.3 billion in February 2025, with B2B transactions accounting for $2.7 billion and card payments exceeding $1 billion. At this growth rate, the sector is expected to approach a trillion dollars in annual trading volume by 2030.

Competitive Landscape: USDC Dominates, Paxos, PayPal, and New Participants Collaborate on Evolution Although Circle’s USDC and EURC dominate this issuance, other stablecoin projects are competing for market share and building momentum.

• Paxos Strengthens Regulatory Framework: Paxos applied for a national trust charter this month, and if approved, its authority will extend beyond New York State and will be directly regulated by the Office of the Comptroller of the Currency (OCC), potentially becoming one of the most stringently regulated blockchain companies globally to attract large financial institutions.
• New Participants Emerge: The USDT-centered network Stable completed a $28 million seed round financing; Plasma entered the market in January and raised $24 million; Circle announced a new blockchain Arc designed for its stablecoin ecosystem.
• Traditional Giants Enter the Field: Stripe has revealed its Tempo Blockchain project. Meanwhile, security tokenization experts such as Securitize, Ondo Finance, and Dinari have also announced new blockchain initiatives to expand stablecoin and asset tokenization infrastructure.

Conclusion: Bullish’s IPO is not only a milestone for itself but also a turning point for the deep integration of the cryptocurrency industry with traditional finance. It has first verified on a large scale the feasibility of pure stablecoin settlement in operations within top-tier capital markets and provided strong endorsement for Solana as a high-performance settlement network. Under the regulatory clarity brought by the “GENIUS Act”, combined with the ongoing innovation of traditional financial forces like Paxos and PayPal, stablecoins are rapidly evolving from value storage tools to core infrastructure supporting trillion-dollar scale B2B payments, capital market settlements, and asset tokenization, and their developmental trajectory has become irreversible.