StablecoinX Expands ENA Financing to $890M, Fortifying Ethena’s Treasury Ahead of Nasdaq Debut
StablecoinX, in partnership with TLGY Acquisition, has raised an additional $530 million bringing total commitments to $890 million to supercharge its ENA token treasury strategy for the Ethena protocol. The fundraising milestone comes just ahead of a pivotal merger and a planned Nasdaq listing, positioning StablecoinX as a premier treasury company within the synthetic stablecoin space.
Massive PIPE Financing Positions StablecoinX for Ethena Ecosystem Growth
The financing round was executed via a private investment in public equity (PIPE) transaction, with shares priced at $10 apiece. The latest round attracted heavyweight institutional investors such as YZi Labs, Brevan Howard, Susquehanna Crypto, IMC Trading, and returning backers including Dragonfly, ParaFi Capital, Maven11, Kingsway, Mirana, and Haun Ventures.
Upon completion of the merger, the combined company StablecoinX Inc. will manage more than 3 billion ENA tokens, making it the first dedicated treasury business serving the Ethena ecosystem.
Multi-Year Treasury, Strategic Advisory Board, and Ecosystem Alignment
StablecoinX’s treasury will act as a long-term liquidity provider, reinforcing ENA’s market depth and supporting the rapid expansion of Ethena’s synthetic dollar stablecoins, USDe and USDtb. Proceeds from the PIPE will be partly used to purchase discounted, locked ENA tokens from a subsidiary of the Ethena Foundation, with future buybacks reinforcing ecosystem liquidity.
In a statement, Marc Piano, Ethena Foundation director, emphasized:
“The additional funding strengthens ecosystem resilience, deepens ENA liquidity, and supports the sustainable growth of USDe, USDtb, and future Ethena products.”
A newly-formed Strategic Advisory Board, led by Rob Hadick of Dragonfly, will provide top-level guidance on ecosystem integration, governance, and market structure, ensuring long-term alignment with both investors and the Ethena Foundation.
Ethena’s USDe Stablecoin Breaks Records
Launched in early 2024, the Ethena protocol under the governance of the Switzerland-based Ethena Foundation issues synthetic stablecoins like USDe and USDtb, backed by a delta-neutral hedging model instead of legacy fiat reserves. Driven by innovative tokenomics and DeFi-native mechanisms, USDe has rapidly become the world’s third-largest stablecoin by circulating supply.
- Rapid growth: USDe now tops $12.6 billion in supply, outpacing Tether and Circle’s early growth by a wide margin achieving this milestone in under 10 months.
- Revenue milestone: Ethena has crossed $500 million in cumulative protocol revenue as of August, with weekly earnings recently topping $13 million.
- Buyback and liquidity: The Ethena Foundation has launched buyback programs totaling $570 million, further supporting ENA demand and market stability.
Regulatory Compliance and Future Trajectory
Ethena’s growth has been accelerated by supportive regulatory frameworks such as the US GENIUS Act, signed by President Trump in July 2025, which paved the way for compliant, fiat-backed stablecoins like USDtb. This has attracted new partnerships including Anchorage Digital Bank to support regulatory alignment and secure stablecoin operations.
Key Takeaways
- StablecoinX and TLGY have secured $890 million to build the largest ENA treasury, fueling Ethena’s USDe and USDtb stablecoin expansion.
- PIPE financing, strategic advisory backing, and robust buybacks reinforce the ecosystem’s resilience and liquidity.
- Ethena’s rapid USDe growth and protocol revenue outpace competitors, making it a key player in the synthetic stablecoin arena.
- The upcoming Nasdaq listing will provide public market investors with transparent, direct exposure to the future of digital dollar ecosystems.
With over $890 million raised and a clear roadmap to liquidity, governance, and regulatory strength, StablecoinX’s merger and treasury strategy are redefining what’s possible in the world of digital asset financing and stablecoin innovation.
