StablecoinX and TLGY Acquisition have secured another $530 million in financing to expand their Ethena-focused treasury strategy, pushing total commitments to $890 million ahead of their planned Nasdaq debut.
The funding, raised through a private investment in public equity (PIPE) deal priced at $10 per share, will be used to accumulate more ENA, the governance token of the Ethena protocol. Once the merger closes, the combined company will be renamed StablecoinX Inc. and is expected to hold over 3 billion ENA, making it the first dedicated treasury business for the Ethena ecosystem, which issues the synthetic stablecoins USDe and USDtb.
New investors include YZi Labs, Brevan Howard, Susquehanna Crypto, and IMC Trading, alongside returning backers such as Dragonfly, ParaFi Capital, Maven11, Kingsway, Mirana and Haun Ventures. Part of the proceeds will go toward purchasing discounted locked ENA from a foundation subsidiary.
“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 announcement builds on a July disclosure of the proposed TLGY–StablecoinX merger, an initial $360 million PIPE, and a $260 million ENA buyback program.
Ethena Labs, which launched in 2024, issues synthetic stablecoins backed by a delta-neutral hedging model instead of traditional reserves. Its flagship USDe has grown at a record pace, surpassing $12.6 billion in circulation by September, the fastest stablecoin ever to break the $10 billion mark, according to Binance Research. By comparison, it took Tether 88 months and Circle’s USDC 38 months to reach the same milestone.
Data from Token Terminal shows USDe supply expanded 31% in the past month, cementing Ethena’s position as the third-largest stablecoin issuer behind Tether and Circle. The protocol has also generated over $500 million in cumulative revenue, recently exceeding $13 million in weekly earnings from its hedging model.
Meanwhile, Ethena’s fiat-backed USDtb is being developed with a compliance pathway under the US GENIUS Act, signed by President Donald Trump in July, which set the first federal framework for stablecoins.
