Bullish (NYSE: BLSH), a global digital asset platform, raised $1.15 billion in proceeds, making it the first IPO in U.S. financial history to use stablecoins. The majority of proceeds from the IPO included multiple stablecoins such as USDC, EURC, and Ripple USD (RLUSD), which Ripple issued on the XRP Ledger.

A Landmark IPO Settled In Stablecoins

Bullish officially closed its IPO on August 14, 2025, with its shares now trading on the New York Stock Exchange under the BLSH ticker. Jefferies coordinated the IPO as the billing and delivery agent by minting, converting, and delivering stablecoins across the U.S., Europe, and Asia.

Most of the IPO proceeds went into USDC, one of the most widely used stablecoins. A portion of the funds was also received in EURC and Ripple USD (RLUS

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