- TLGY and StablecoinX raised $530M to support their ENA strategy and planned Nasdaq listing.
- StablecoinX will hold over 3B ENA tokens after the merger and become a key Ethena ecosystem treasury.
- USDe supply reached 12.6B in under ten months making Ethena the third largest stablecoin issuer.
TLGY Acquisition and StablecoinX have raised $530 million in additional financing. This funding supports their planned merger and upcoming Nasdaq listing. With this round, total commitments now stand at $890 million. The capital was secured through a private investment in public equity (PIPE) deal. Shares were priced at $10, attracting several institutional investors.
The combined entity, to be named StablecoinX Inc., will hold over 3 billion ENA tokens. These tokens power the Ethena protocol, which issues the USDe and USDtb stablecoins. StablecoinX aims to become the first treasury-focused firm supporting the Ethena ecosystem.
ENA Strategy Boosted by PIPE Deal
The PIPE transaction enables discounted ENA purchases through a foundation subsidiary. Part of the funds will directly support ENA accumulation. The move follows an earlier $360 million PIPE raise and a $260 million ENA buyback program. This latest financing round adds weight to their ENA stacking strategy.
New investors include YZi Labs, Brevan Howard, Susquehanna Crypto, and IMC Trading. Existing backers like Dragonfly, ParaFi Capital, Maven11, and Haun Ventures also returned. StablecoinX now controls around 14% of ENA’s circulating supply.
The Ethena Foundation oversees the ecosystem and retains veto power on any ENA sales by StablecoinX. This ensures alignment between treasury actions and long-term protocol goals.
Ethena’s Ecosystem Gains Momentum
The Ethena protocol launched in early 2024. It offers synthetic stablecoins using a delta-neutral hedging strategy. This approach avoids traditional fiat reserves. Instead, it uses market positions to keep prices stable. USDe and USDtb are the two core stablecoins in the system.
USDe reached a $12.6 billion supply in less than ten months.This outpaced USDT and USDC during their early growth stages. Recent data shows USDe’s supply increased by 31% over the past month. Ethena ranks third in global stablecoin issuance. In February, Aave Labs proposed hardcoding USDe’s price to match that of Tether’s USDC. The aim was to prevent liquidation risks from market fluctuations.
Cumulative protocol revenue has passed $500 million. Weekly earnings recently exceeded $13 million. The increase links to strong USDe demand and yield captured through the hedging model.
Governance and Compliance in Focus
The Ethena Foundation, based in Switzerland, manages governance and ecosystem development. It also plays a key role in guiding protocol compliance. USDtb is under development to meet the standards of the new US GENIUS Act. The law, signed in July, outlines regulatory frameworks for fiat-backed stablecoins.
Leadership is also evolving. Rob Hadick, a general partner at Dragonfly, now chairs the advisory board. Kyle Samani from Multicoin Capital joins as a board member. Their appointments add depth to the firm’s strategy and governance.