Bullish received $1.15 billion in subscription funds from the IPO in the form of stablecoins

ChainCatcher news, according to official sources, the digital asset platform Bullish (NYSE: BLSH) has announced that its initial public offering (IPO) has received approximately $1.15 billion in stablecoin subscriptions, becoming the first large-scale case in the U.S. to use stablecoins for IPO settlement.
The subscription was primarily completed through the Solana network for stablecoin minting, coordinated by Jefferies for the entire minting, exchange, and delivery process. The stablecoins received by Bullish are mainly USDC and EURC, covering various tokens pegged to the U.S. dollar and the euro, with assets custodied by Coinbase.
Bullish Chief Financial Officer David Bonanno stated that stablecoin technology enables the rapid and secure transfer of global funds, showcasing its advantages in market infrastructure and liquidity. Solana Foundation President Lily Liu believes that this IPO successfully integrates traditional public market infrastructure with blockchain technology, demonstrating Solana's value in enhancing market efficiency and financial innovation.
Bullish shares began trading on the New York Stock Exchange on August 14, with the stock ticker BLSH.