Bullish Processes $1.15 B IPO Proceeds via Stablecoins, Majority on Solana
Trading platform Bullish settled $1.15 billion of its recent IPO proceeds in stablecoins, underscoring a shift toward digital-native payment rails. According to Decrypt, roughly 90% of the funds arrived as USDC, with the remainder in USDT. Notably, 76% of these transactions were routed through the Solana blockchain, leveraging its high throughput and low fees. The balance cleared on Ethereum (11%), Tron (8%) and other chains (5%). By using stablecoins, Bullish bypassed traditional banking pipelines, accelerating settlement times to minutes rather than days. The move highlights growing institutional confidence in programmable money and points to Solana’s expanding role in large-value transfers. For traders, the result could be increased activity and liquidity on Solana-based venues, as well as renewed scrutiny of USDC-backed settlements across ecosystems.
Bullish
Bullish’s large-scale use of stablecoins—especially USDC—on Solana for IPO settlement represents a clear vote of confidence in both the token and the underlying blockchain. Historically, institutional adoption of programmable money has driven on-chain volumes and positively influenced network tokens. In the short term, increased transaction demand on Solana may translate into higher SOL trading volumes and fee revenue, drawing fresh liquidity to Solana-based DEXs. Over the long term, this milestone could encourage other financial institutions to adopt blockchain settlement rails, further cementing Solana’s market position. Comparable events include Circle’s migration of USDC onto multiple chains, which preceded upticks in token usage and platform activity. Overall, the news strengthens the bullish case for SOL and stablecoin-centric DeFi ecosystems.