The crypto platform Bullish (BLSH), the owner of CoinDesk, said it received $1.15 billion in proceeds from its initial public offering in stablecoins, which was the first for U.S. public markets.

Most of the tokens were minted on the Solana (SOL) network and predominantly settled in USDC (USDC), the U.S. dollar stablecoin issued by Circle (CRCL), with Coinbase serving as custodian, the firm said in a Tuesday press release.

The rest of the proceeds were settled with a range of dollar- and euro-pegged tokens: Circle’s EURC, PayPal’s PYUSD, Ripple’s RLUSD on the XRP Ledger, Paxos’ USDG, Societe Generale’s USDCV and EURCV, World Liberty Financial's USD1, Agora's AUSD and AllUnity's EURAU. Jefferies managed the minting, conversion and delivery of the stablecoins.

Bullish debuted on the New Y

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