Bullish, a Cayman Islands-based cryptocurrency exchange, has completed a landmark $1.15 billion initial public offering (IPO) conducted entirely using stablecoins, marking a historic first for both the crypto industry and U.S. public markets. The transaction, which exceeded the initially announced $1.11 billion by $40 million, involved no fiat currency and was settled using a diverse basket of nine stablecoins, including USDC, RLUSD, PYUSD, USD1, EURC, USDCV, EURCV, USDG, AUSD, and EURAU. Notably absent was Tether's USDT, the world's most popular stablecoin, for reasons that remain unclear but may relate to regulatory considerations under the recently passed GENIUS Act.
Coinbase is serving as the custodian for all stablecoin proceeds from the offering. Greg Tusar, Coinbase's VP of Institutional Product, praised the move, stating: "Bullish’s innovative use of stablecoins in their IPO marks a significant milestone for the digital asset ecosystem. This achievement underscores the transformative potential of stablecoins. With evolving regulatory clarity… leading businesses like Bullish are better positioned to unlock the full potential of crypto."
A significant portion of the proceeds were settled in Ripple's RLUSD stablecoin, which was minted on the XRP Ledger. Ripple celebrated the milestone, noting on social media that this represents "the first public listing to bring the settlement process onchain" and sets a precedent for future listings. Bullish accounts for over 76% of RLUSD's trading volume. RLUSD, launched globally in December 2024, has now surpassed $666 million in total market capitalization.
Bullish's stock is now trading on the NYSE. This IPO, which follows a failed merger attempt in 2022, is seen as a major step towards deeper integration into the U.S. financial system and a powerful validation of stablecoin utility for large-scale, institutional transactions.