IPO Settlement Moves On-Chain

Bullish received $1.15 billion in IPO proceeds entirely as stablecoins.

Jefferies coordinated the conversion and delivery. The majority arrived as USDC on Solana, custodied at Coinbase. Portions settled in Ripple's RLUSD on XRP Ledger and PayPal's PYUSD, among others. The funds landed directly in treasury wallets.

"We view stablecoins as one of the most transformative and widespread use cases for digital assets," said Bullish CFO David Bonanno.

In U.S. practice, IPOs typically close two business days after the first trading day. Underwriters deliver cash proceeds to the issuer at closing through DTCC. That timeline depends on banking hours and excludes weekends.

Stablecoin settlement operates on network time. Once Jefferies completed the conversion, capital was available immediately. The process did not hinge on bank wires or clearing windows.

In July 2025, the GENIUS Act established a federal framework for payment stablecoins. In June, Circle completed a traditional IPO that raised about $1.05 billion. Weeks later, Bullish took proceeds in stablecoins. The capital markets actors were the same. The settlement rails were not.

Jefferies coordinated minting, conversion, and delivery at IPO scale, working with multiple issuers and platforms. Standard IPO operations ran on upgraded infrastructure.

Capital markets are moving toward greater efficiency. What used to take days now takes minutes. What was paused on weekends now runs continuously.