Bullish has shattered precedent with its $1.15 billion initial public offering (IPO), becoming the first U.S.-listed company to raise a record-breaking sum entirely in blockchain-based stablecoins.
On August 14, Bullish debuted on the New York Stock Exchange under the ticker BLSH, with billionaire Peter Thiel among its backers. Analysts are already calling this a watershed moment.
“This isn’t just another IPO—it’s the clearest signal yet that Wall Street is being rewired by stablecoins,” said one senior market strategist while speaking to CryptoNews.
Bullish Diversified Stablecoin IPO Validates Solana’s Role as the Go-To Settlement Layer
The IPO leaned heavily on USD Coin (USDC) and Euro Coin (EURC), both custodied by Coinbase and increasingly anchored on the Solana blockchain. Jefferies, acting as billing and delivery agent, coordinated minting, conversions, and transfers across several issuers spanning the U.S., Europe, and Asia.
The offering also drew contributions from a diverse range of stablecoins, showcasing how the cross-border infrastructure is now underpinning capital markets activity. Among the tokens received were USD CoinVertible (USDCV) and EUR CoinVertible (EURCV) from Société Générale-FORGE, Global Dollar (USDG) issued by Paxos, and PayPal USD (PYUSD), also issued by Paxos.
Additional settlements were made in Ripple USD (RLUSD), issued on the XRP Ledger by Ripple, USD1 from World Liberty Financial, Agora Dollar (AUSD) from Agora, and EURAU from AllUnity, reflecting the breadth of issuers and blockchains involved in what market observers describe as the most diversified stablecoin-based settlement ever executed in a public listing.
With the majority of the settlements made using stablecoins on Solana, the IPO serves as validation of Solana’s role. Recently, Solana’s stablecoin ecosystem has experienced notable growth, with the total market capitalization of stablecoins on the Solana network standing at $11.739 billion, marking a 5.04% increase over the past 7 days, according to DeFiLlama.
Source: DeFiLlamaUSDC and EURC now account for a strong portion of daily stablecoin volume on Solana, which has become the leading blockchain for these assets. According to recent data, Solana stablecoin transfers exceeded $300 billion in cumulative volume in 2025.
“We view stablecoins as one of the most transformative and widespread use cases for digital assets,” said David Bonanno, Bullish CFO. “Internally, we leverage them for rapid and secure global fund transfers, especially on the Solana network.”
The rise of stablecoins has been aided in part by the GENIUS Act, recently passed in the U.S., which established clearer guidelines for stablecoin issuance and oversight. By providing regulatory certainty and influencing frameworks abroad, the law has encouraged greater adoption of U.S.-backed digital assets both domestically and internationally.
A joint report from Keyrock and Bitso reveals that stablecoin volumes reached $6.3 billion in February 2025, with B2B transactions accounting for $2.7 billion and card payments surpassing $1 billion. At this growth rate, the sector is projected to approach $1 trillion in annual volumes by 2030.
USDC Still Dominates, but Paxos, PayPal, and New Entrants Push Stablecoins Into the Next Phase
While Circle’s USDC and EURC dominated the Bullish raise, other stablecoin projects are carving out market share and momentum.
Paxos, for instance, deployed both Global Dollar (USDG) and PayPal USD (PYUSD) into the IPO settlement. The company also made headlines this month by applying for a national trust charter, which would extend its authority beyond New York and put it under direct supervision of the U.S. Office of the Comptroller of the Currency (OCC).
If approved, Paxos would become one of the most heavily regulated blockchain firms globally, a move expected to appeal to large financial institutions.
New entrants are also making noise. Stable, a network centered on Tether’s USDT, raised $28 million in seed funding from backers including Bitfinex, Hack VC, Franklin Templeton, and KuCoin Ventures. Plasma, which entered the market in January, secured $24 million, while Circle announced Arc, a blockchain designed for its own stablecoin ecosystem.
Even Stripe joined the wave, with a reveal of its Tempo blockchain project, while tokenization specialists such as Securitize, Ondo Finance, and Dinari announced new blockchain initiatives to expand stablecoin and asset tokenization infrastructure.
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