Crypto Platform’s Bullish Move Shakes Wall Street: IPO Proceeds Taken Entirely in Stablecoins

Crypto's latest power play just dropped a bombshell on traditional finance—and Wall Street's scrambling to keep up.

IPO revolution or regulatory nightmare?

The platform bypassed conventional banking channels entirely, demanding all offering proceeds in dollar-pegged digital assets instead of traditional currency. No waiting for wire transfers. No bank intermediaries taking their cut. Just instant settlement on-chain.

Traditional finance firms watched from the sidelines—their legacy systems suddenly looking like relics. One investment banker reportedly muttered about 'unprecedented settlement risk' while checking his own crypto portfolio.

Because nothing says 'disruption' like watching billion-dollar deals execute faster than most banks can process a wire transfer—and with more transparency than their quarterly reports.

$1.15 Billion in Stablecoins for IPO

In a press release, Bullish confirmed that it, marking a first-of-its-kind use case in global finance.

Investment bank Jefferies handled the issuance, conversion, and settlement of the stablecoins, with the majority minted on the solana blockchain. Custody of the assets was entrusted exclusively to Coinbase.

The stablecoins received included USDCV and EURCV (Societe Generale-FORGE), USDG and PYUSD (Paxos), RLUSD (Ripple), USD1 (World Liberty Financial), AUSD (Agora), and AURAU (AllUnity).

Bullish Backs Solana Over Ethereum

Traditionally, stablecoins are tied to Ethereum, but Bullish’s choice of Solana highlighted speed and cost-efficiency as key priorities. Solana’s performance edge over ethereum in transaction speed and fees.

Bullish CFO David Bonanno emphasized the company’s internal reliance on stablecoins for global transfers:

We use them to execute fast, secure transfers globally, especially on Solana. Our collaboration with issuers —who are also listed on Bullish Exchange— shows how our infrastructure and liquidity fuel their growth.

The move underscores Bullish’s support for the rise of Internet Capital Markets (ICM) and signals its belief in Solana as a future on-chain stock exchange.

Solana will never flip the NASDAQ.

Or will it?

More trades per day on Solana than all regional stock markets combined
92% of weekly total NASDAQ trades
66% of daily trades, 90% at peak
400 trades/second & growing

Track the flippening: https://t.co/XMgbA2ngBD pic.twitter.com/4aHVa2IHHq

— Solana (@solana) August 15, 2025

Retail Investors at the Core

In another unprecedented step, Bullish allocated 20% of its IPO shares to retail investors, double the typical ~10% allocation. The decision reflects the firm’s commitment to empowering individual investors—a Core demographic of its exchange.

Congrats to @Bullish on their successful market debut.

Also I want to commend @ThomasFarley on ensuring one of the largest retail IPO allocations ever (20%!)

Glad to see retail investors getting the respect they deserve.

— Vlad Tenev (@vladtenev) August 14, 2025

As Bullish’s stock performance unfolds in the coming weeks,.

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