About
Bullish is an institutional-focused digital asset exchange (parent of CoinDesk) backed by Peter Thiel and Block.one. In August 2025 it became the first US IPO settled entirely in stablecoins, raising ~$1.15B predominantly in USDC plus EURC, PYUSD, RLUSD, USDG and others. It is a founding USDG / Global Dollar Network partner.
Stablecoins
Key products
Chains
- Founded
- 2021
- HQ
- Cayman Islands
- Stage
- Public
- Funding
- IPO 2025 (NYSE: BLSH)
Related companies

Archax
FCA-regulated digital-asset exchange and tokenizer
Archax is a UK FCA-regulated digital-securities exchange, broker and custodian that tokenizes and distributes institutional funds (including money-market funds from abrdn, BlackRock and Fidelity International). It bridges traditional finance and on-chain RWA markets.

Bitpanda
Visa card linked to Bitpanda assets
The Bitpanda Card is a Visa debit card linked to a Bitpanda brokerage account, letting European users spend crypto, stablecoins and other assets in real time with rewards.
Ceffu
Institutional custody (formerly Binance Custody)
Ceffu, formerly Binance Custody, is an institutional-grade custody and liquidity platform using MPC and segregated cold storage (Qualified Wallet). It offers off-exchange settlement (MirrorX) with Binance and is ISO 27001/27701 certified and SOC attested.

Coinbase
Largest US crypto exchange and USDC co-issuer
Coinbase is the largest US-listed crypto exchange and a primary stablecoin trading venue. It co-founded USDC with Circle via the Centre consortium and earns a share of USDC reserve revenue, while operating Base (its L2), Coinbase Wallet, custody and on/off-ramp services. In 2026 it is positioning around stablecoins, Base, and an 'everything exchange' strategy.
Galaxy Digital
Digital-asset financial services and infrastructure
Galaxy Digital is a publicly traded digital-asset and data-center financial services firm offering trading, asset management, investment banking, prime brokerage and institutional custody. It owns institutional custody/tokenization platform GK8 and is building the GalaxyOne prime platform combining trading, lending, derivatives and custody.
Gemini
Regulated US exchange and GUSD issuer
Gemini is a regulated US crypto exchange founded by the Winklevoss twins. It issues the Gemini Dollar (GUSD), an early NYDFS-regulated fiat stablecoin, and operates custody and a crypto credit card. Gemini went public in 2025 and joined the Global Dollar Network.
