Crypto exchange Bullish said it has received all $1.15 billion raised in its recent New York Stock Exchange debut entirely in stablecoins, the first time a U.S. initial public offering has been settled on blockchain rails. Most of the tokens were minted as Circle’s USDC on the Solana network, with additional dollar- and euro-pegged coins including EURC, PayPal’s PYUSD, Ripple’s RLUSD on the XRP Ledger, Paxos’ USDG, and Societe Generale’s USDCV and EURCV. Jefferies handled the minting, conversion and delivery of the digital dollars, while Coinbase is safeguarding the USDC and EURC balances. “We view stablecoins as one of the most transformative and widespread use cases for digital assets,” Chief Financial Officer David Bonanno said, adding that Bullish already relies on the tokens for rapid cross-border transfers. The move underlines the growing integration of stablecoins into traditional finance following the passage of the GENIUS Act and could accelerate the use of blockchain infrastructure in public capital markets.