BitNewsBot - 9/6/2025 1:02:59 AM - GMT (+0 )
- StablecoinX and TLGY Acquisition raised an extra $530 million in a PIPE, bringing total commitments to $890 million ahead of a planned merger and Nasdaq listing.
- The combined firm, to be renamed StablecoinX Inc., will hold more than 3 billion ENA tokens from the Ethena protocol.
- The PIPE was priced at $10 per share, with part of the proceeds used to buy discounted locked ENA from a foundation subsidiary.
- New investors include YZi Labs, Brevan Howard, Susquehanna Crypto and IMC Trading; returning backers include Dragonfly, ParaFi Capital and Haun Ventures.
- Ethena’s USDe stablecoin reached $12.6 billion in supply and has grown rapidly, per a Binance Research report, while Token Terminal shows 31% supply growth in the past month.
StablecoinX and TLGY Acquisition announced they secured an additional $530 million in financing to purchase digital assets, bringing total committed capital to $890 million ahead of a planned merger and Nasdaq listing, the companies said in a press release: BusinessWire.
The combined company, which will be renamed StablecoinX Inc., plans to hold more than 3 billion ENA, the native token of the Ethena protocol. “The additional funding strengthens ecosystem resilience, deepens ENA liquidity, and supports the sustainable growth of USDe, USDtb, and future Ethena products,” said Marc Piano, director at the Ethena Foundation.
The capital came via a private investment in public equity (PIPE) priced at $10 per share, the release said. Part of the proceeds will buy discounted locked ENA from a foundation subsidiary. New investors named include YZi Labs, Brevan Howard, Susquehanna Crypto and IMC Trading; returning backers include Dragonfly, ParaFi Capital, Maven11, Kingsway, Mirana and Haun Ventures.
This announcement follows a July 21 disclosure that outlined the proposed merger, an initial $360 million PIPE, and a $260 million ENA buyback program, the companies said. The Ethena protocol issues synthetic dollar stablecoins such as USDe and USDtb; synthetic stablecoins are backed by financial positions rather than fiat reserves (they use market strategies to maintain value).
According to a Binance Research report, USDe reached $12.6 billion in supply—the fastest stablecoin to pass $10 billion. Token Terminal data shows USDe supply grew 31% in the past month, and Ethena ranks as the third-largest stablecoin issuer. Binance Research also reported Ethena has generated over $500 million in cumulative revenue as of August and recently exceeded $13 million in weekly protocol earnings.
Ethena uses a delta-neutral hedging model (a trading approach that aims to offset price exposure) to help maintain the peg. The protocol’s documentation is available at Ethena.
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