Bullish (NYSE: BLSH), a pioneering platform in the realm of digital assets, has successfully raised a staggering $1.15 billion in an initial public offering (IPO) that marks a significant milestone in U.S. financial history, being the first to utilize stablecoins as a method of raising capital. Among the various stablecoins involved in this historic transaction are prominent names like USDC, EURC, and Ripple USD (RLUSD), issued on the XRP Ledger.
A New Era for IPOs with Stablecoins
Bullish concluded its IPO on August 14, 2025, with shares now available for trading on the New York Stock Exchange under the ticker symbol BLSH. The financial institution Jefferies played a vital role in orchestrating the IPO, facilitating the minting, conversion, and distribution of stablecoins across key global markets including the U.S., Europe, and Asia.
The majority of the funds raised were channeled into USDC, which has rapidly become one of the most trusted stablecoins in the market today. Additionally, EURC and RLUSD contributed to the diversified financial strategy of the IPO.
Upon receipt, these stablecoins were secured under Coinbase’s custodial services, reflecting the pressing need for secure asset management in substantial transactions and the critical importance of using sophisticated crypto infrastructures for significant fund management.
Ripple’s RLUSD and the Evolution of Stablecoins in Finance
Although various stablecoins participated in the Bullish IPO, Ripple’s RLUSD emerged as a focal point, signaling its expanding influence in high-stakes financial deals. This pivotal moment underscores Ripple’s capabilities, illustrating that RLUSD can effectively handle large transactions in reputable capital markets.
Bullish executives have passionately discussed the rationale behind integrating stablecoins into their IPO structure. CFO David Bonanno emphasized the practical advantages of stablecoins within digital asset ecosystems. He advocates for their use in international transactions, highlighting their efficiency and security. Bonanno considers the IPO a testament to the growing importance of stablecoins in institutional finance, acknowledging collaborations with issuers like Ripple as crucial for innovation and market expansion.
Coinbase, tasked with the responsibility for holding these IPO proceeds, views the development as momentous. Greg Tusar, Vice President of Institutional Product at Coinbase, stated that this event exemplifies the transformative impact of stablecoins on existing financial paradigms. He noted that recent regulatory advancements, including the GENIUS Act, provide reassurance to NYSE-listed entities such as Bullish, encouraging them to explore digital asset solutions. Tusar mentioned that clearer regulations and reliable custodial options lay the groundwork for stablecoins to revolutionize money management for businesses and individual consumers alike.
The IPO of Bullish, alongside Ripple’s RLUSD, underscores an evolving relationship between cryptocurrency and traditional finance. Once regarded primarily as speculative instruments, stablecoins are now integral to one of Wall Street’s most historic transactions, showcasing their potential beyond being just a trading tool for cryptocurrencies. As Bullish charts its course as a publicly traded entity, its strategic use of stablecoins, particularly RLUSD, may serve as a blueprint for other institutions navigating capital markets in the future.
