Bullish, backed by Peter Thiel, sets a precedent by receiving $1.15B in IPO proceeds in stablecoins like USDC and RLUSD.
Bullish has successfully settled its IPO proceeds in stablecoins on a significant scale, making it the first crypto exchange to do so. The crypto exchange, which Peter Thiel sponsors, disclosed that it had received all the proceeds in various stablecoins, such as Ripple’s RLUSD and Circle’s USDC.
Bullish settles its IPO proceeds in stablecoins
The crypto exchange disclosed in a news release that it had arranged to receive $1.15 billion in stablecoins as proceeds from its recently concluded initial public offering (IPO). The company acknowledged this is a significant milestone in integrating stablecoins into a U.S. IPO.
This follows Bullish’s successful IPO last week, which was followed by its debut on the NYSE. The crypto exchange sold approximately 20.3 million shares at $37 each, generating $1.15 billion in revenue.
The crypto exchange also disclosed that most stablecoins were generated on the Solana network. Jefferies, the billing and delivery agent for the IPO, coordinated the stablecoin minting, conversion, and delivery process. It is important to note that the exchange received the proceeds in stablecoins dominated by the dollar and the euro.
The crypto exchange received some of the proceeds in EURC, Circle’s Euro-backed stablecoin, and the plurality in USDC. The leading cryptocurrency exchange, Coinbase, exclusively custodies these coins, as Bullish revealed.
Ripple’s RLUSD, Societe Generale-FORGE’s USDCV and EURCV, Global Dollar’s USDG, PayPay’s PYUSD, World Liberty Financial’s USD1, Agora’s AUSD, and AllUnity’s EURAU are among the stablecoins that are included in the transaction.
Bullish’s CFO, David Bonanno, expressed his belief that stablecoins are one of the “most transformative and widespread use cases for digital assets” in response to this historic move. He disclosed how they employ them to facilitate secure and rapid global fund transfers, particularly on the Solana network.
Ripple and Coinbase Respond to the Stablecoin Announcement
After Bullish disclosed that it had received its IPO proceeds in stablecoins, Ripple congratulated the crypto exchange on its successful IPO. The crypto firm observed that some of these proceeds were in RLUSD on the XRP Ledger.
Ripple also noted that this is the first public listing to incorporate the settlement process on-chain, establishing a precedent for stablecoins’ influence on future listings.
In the interim, Coinbase asserted that stablecoins are superior and that Bullish has once again demonstrated its “faster, cheaper, and more global” capabilities. The crypto exchange expressed its pride in serving as the exclusive custodian of USDC and EURC proceeds from the IPO.
