Digital-asset exchange Bullish said it received the full $1.15 billion raised in its initial public offering in stablecoins, the first time a U.S. listing has been settled entirely on-chain. Most of the tokens were minted on the Solana network, while a portion of the proceeds was settled in RLUSD on the XRP Ledger. Coinbase is acting as exclusive custodian for the USDC and EURC portions of the funds, underscoring the growing role of regulated crypto infrastructure in capital-markets transactions. The transaction drew on a basket of dollar- and euro-pegged coins, including USDC, EURC, USDG and PYUSD, highlighting issuers’ efforts to position stablecoins as cash-equivalent settlement assets. Bullish said the approach reduces costs and settlement times compared with traditional wire transfers and sets a precedent for future public offerings that want to move proceeds on-chain. Separately, stablecoin issuer Circle rolled out Circle Gateway on mainnet, enabling sub-500-millisecond cross-chain transfers of USDC across seven networks—Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon and Unichain—with additional chains planned. The upgrade is aimed at unifying liquidity for institutions and applications and could further ease large-scale uses such as IPO settlements. Together, the two developments signal a rapid advance in stablecoins’ push from niche crypto tool to mainstream financial plumbing.