Coinbase Declares Stablecoins Superior to Traditional Finance, Citing Landmark IPO Settlement

The declaration follows a historic $1.15 billion public offering by the exchange Bullish, which opted for settlement in various stablecoins, showcasing the technology's potential to modernize capital market infrastructure.

NEW YORK – Crypto exchange Coinbase has championed stablecoins as a superior alternative to traditional financial systems, highlighting their speed, cost-efficiency, and global accessibility. The assertion came in the wake of a landmark $1.15 billion Initial Public Offering (IPO) by the exchange Bullish, which chose to receive its proceeds entirely in stablecoins instead of conventional cash.

On August 19, 2025, Coinbase posted on the social media platform X, stating simply: “Stablecoins are just better. Faster, cheaper, and more global.”

This statement followed the announcement from Bullish that it had settled its massive IPO by receiving funds in a diverse basket of stablecoins. The majority of the proceeds were settled in USD Coin (USDC) and EUR Coin (EURC), with additional allocations in tokens issued by major financial players like Société Générale-FORGE, Paxos, and Ripple.

The transaction primarily utilized the Solana blockchain, with the investment bank Jefferies coordinating the creation, conversion, and delivery of the assets as the IPO’s billing and delivery agent.

David Bonanno, CFO of Bullish, described the strategy as a forward-looking move. “We see stablecoins as one of the most transformative and widespread use cases for digital assets,” he said, adding, “We use them for fast, secure global fund transfers, particularly on the Solana network.”

Industry leaders have underscored the broader significance of the settlement model. Lily Liu, President of the Solana Foundation, commented, “Bullish’s use of stablecoins in its IPO merges public market infrastructure with blockchain rails.” Greg Tusar, a senior executive at Coinbase, described the transaction as a “landmark moment” that demonstrates the role of stablecoins in modernizing financial systems, especially as regulatory clarity improves.