Peter Thiel-Backed Bullish Sets New Trend, Accepts $1.15 Billion Going Public Money In Stablecoins Like USDC: 'New Normal' In Making?

Cryptocurrency exchange Bullish (NYSE:BLSH) announced Tuesday that it received $1.15 billion of its initial public offering proceeds in stablecoins, marking a historic first in the U.S. IPO scene.

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Stablecoin-Powered IPO

Bullish, which went public last week, said it has accepted the majority of its IPO proceeds in USDC (CRYPTO: USDC) stablecoin, along with a portion in EURC (CRYPTO: EURC), with Coinbase Global Inc. (NASDAQ:COIN) as the exclusive custodian. Other stablecoins used were PayPal USD (CRYPTO: PYUSD), Ripple USD (CRYPTO: RLUSD) and World Liberty Financial (CRYPTO: USD1).

The majority of the stablecoins were minted on the Solana (CRYPTO: SOL) network, with Jefferies Financial Group Inc. (NYSE:JEF) coordinating the minting, conversion, and delivery process.

“We ...