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Bullish IPO Raises Record $1.15B With Solana Stablecoins – Is This Crypto’s Takeover?

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Bullish has shattered precedent with its $1.15 billion preliminary public providing (IPO), changing into the primary U.S.-listed company to raise a record-breaking sum fully in blockchain-based stablecoins.

On August 14, Bullish debuted on the New York Stock Exchange underneath the ticker BLSH, with billionaire Peter Thiel amongst its backers. Analysts are already calling this a watershed second.

“This isn’t simply one other IPO—it’s the clearest sign but that Wall Avenue is being rewired by stablecoins,” stated one senior market strategist whereas chatting with CryptoNews.

Bullish Diversified Stablecoin IPO Validates Solana’s Function because the Go-To Settlement Layer

The IPO leaned closely on USD Coin (USDC) and Euro Coin (EURC), each custodied by Coinbase and more and more anchored on the Solana blockchain. Jefferies, performing as billing and supply agent, coordinated minting, conversions, and transfers throughout a number of issuers spanning the U.S., Europe, and Asia.

The providing additionally drew contributions from a various vary of stablecoins, showcasing how the cross-border infrastructure is now underpinning capital markets exercise. Among the many tokens acquired have been USD CoinVertible (USDCV) and EUR CoinVertible (EURCV) from Société Générale-FORGE, World Greenback (USDG) issued by Paxos, and PayPal USD (PYUSD), additionally issued by Paxos.

Further settlements have been made in Ripple USD (RLUSD), issued on the XRP Ledger by Ripple, USD1 from World Liberty Monetary, Agora Greenback (AUSD) from Agora, and EURAU from AllUnity, reflecting the breadth of issuers and blockchains concerned in what market observers describe as essentially the most diversified stablecoin-based settlement ever executed in a public itemizing.

With the vast majority of the settlements made utilizing stablecoins on Solana, the IPO serves as validation of Solana’s function. Not too long ago, Solana’s stablecoin ecosystem has skilled notable development, with the overall market capitalization of stablecoins on the Solana community standing at $11.739 billion, marking a 5.04% enhance over the previous 7 days, according to DeFiLlama.

Supply: DeFiLlama

USDC and EURC now account for a robust portion of every day stablecoin quantity on Solana, which has turn out to be the main blockchain for these belongings. In line with latest information, Solana stablecoin transfers exceeded $300 billion in cumulative quantity in 2025.

“We view stablecoins as one of the vital transformative and widespread use circumstances for digital belongings,” stated David Bonanno, Bullish CFO. “Internally, we leverage them for fast and safe international fund transfers, particularly on the Solana community.”

The rise of stablecoins has been aided partly by the GENIUS Act, not too long ago handed within the U.S., which established clearer tips for stablecoin issuance and oversight. By offering regulatory certainty and influencing frameworks overseas, the legislation has inspired higher adoption of U.S.-backed digital belongings each domestically and internationally.

A joint report from Keyrock and Bitso reveals that stablecoin volumes reached $6.3 billion in February 2025, with B2B transactions accounting for $2.7 billion and card funds surpassing $1 billion. At this development fee, the sector is projected to strategy $1 trillion in annual volumes by 2030.

USDC Nonetheless Dominates, however Paxos, PayPal, and New Entrants Push Stablecoins Into the Subsequent Part

Whereas Circle’s USDC and EURC dominated the Bullish elevate, different stablecoin tasks are carving out market share and momentum.

Paxos, as an illustration, deployed each World Greenback (USDG) and PayPal USD (PYUSD) into the IPO settlement. The corporate additionally made headlines this month by applying for a national trust charter, which might lengthen its authority past New York and put it underneath direct supervision of the U.S. Workplace of the Comptroller of the Forex (OCC).

If authorised, Paxos would turn out to be one of the vital closely regulated blockchain companies globally, a transfer anticipated to attraction to giant monetary establishments.

New entrants are additionally making noise. Secure, a community centered on Tether’s USDT, raised $28 million in seed funding from backers together with Bitfinex, Hack VC, Franklin Templeton, and KuCoin Ventures. Plasma, which entered the market in January, secured $24 million, whereas Circle announced Arc, a blockchain designed for its personal stablecoin ecosystem.

Even Stripe joined the wave, with a reveal of its Tempo blockchain project, whereas tokenization specialists comparable to Securitize, Ondo Finance, and Dinari introduced new blockchain initiatives to develop stablecoin and asset tokenization infrastructure.

The put up Bullish IPO Raises Record $1.15B With Solana Stablecoins – Is This Crypto’s Takeover? appeared first on Cryptonews.

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