Ethena Adopts Bitcoin Treasury Approach to Enhance Stability of $6.1B USDe Ecosystem

StablecoinX, a newly established infrastructure provider within the

ecosystem, has revealed it has acquired 11.87 million tokens—worth about $7.2 million—through a sequence of targeted on-chain purchases. This follows a $530 million private investment in public equity (PIPE) round, which boosted the firm’s total capital to $890 million. The funds are set aside to build a substantial ENA treasury, the governance token of the Ethena protocol, aiming to strengthen the stability and expansion of Ethena’s synthetic stablecoin, USDe.

This funding attracted leading institutional investors such as Brevan Howard, Susquehanna Crypto, IMC Trading, and returning supporters like Dragonfly and ParaFi. The Ethena Foundation has also pledged a $310 million buyback initiative, aligning with StablecoinX’s plan to accumulate ENA from public markets. This strategy is modeled after traditional

treasury practices, where tokens are locked for the long term to foster ongoing demand and limit supply title1 [ 1 ]. Together, StablecoinX and the Ethena Foundation aim to amass a reserve exceeding 3 billion ENA tokens, making it the first dedicated treasury entity for the stablecoin protocol title3 [ 3 ].

Ethena’s

stablecoin has become a major force in the digital currency sector, currently standing as the third-largest on-chain stablecoin issuer with a $6.1 billion market cap. This ranks it behind Tether’s ($162 billion) and Circle’s ($64 billion), but ahead of other rivals. USDe’s rise is credited to its delta-neutral hedging approach, which produces returns by matching crypto assets with short perpetual futures. This model has drawn institutional attention, with the protocol reporting $500 million in total revenue by August 2025 title3 [ 3 ].

StablecoinX’s deliberate ENA accumulation is intended to boost the ecosystem’s robustness and liquidity. Marc Piano, a director at the Ethena Foundation, stated that the capital would “bolster ecosystem resilience, increase ENA liquidity, and foster sustainable growth for USDe, USDtb, and future Ethena offerings.” The treasury plan also involves creating a new advisory board led by Dragonfly’s Rob Hadick, focusing on governance, partnerships, and maximizing shareholder value title1 [ 1 ]. The locked-token mechanism ensures that ENA acquired is not immediately sold, helping to prevent downward price pressure title4 [ 4 ].

The impact of StablecoinX’s actions reaches beyond the Ethena network. The stablecoin sector is expected to surpass $2 trillion by 2028, fueled by increasing institutional involvement and clearer U.S. regulations. The recent approval of the GENIUS Act, which sets reserve standards for stablecoin issuers, has further validated the industry. StablecoinX’s planned Nasdaq listing under the ticker “USDE” in Q4 2025 will give ENA holders access to public markets, bridging the gap between traditional finance and decentralized protocols title2 [ 2 ]. This move reflects a wider trend of DeFi projects using SPAC mergers to tap institutional funding while retaining decentralized governance title4 [ 4 ].

A recent $11.8 million ENA withdrawal from Binance, tied to a StablecoinX-linked wallet, highlights the company’s proactive treasury management. Although large token transfers can cause short-term price swings, analysts believe this signals long-term strategic positioning rather than speculative activity. The wallet now holds 88.26 million ENA, valued at $54 million, showing a strong commitment to ecosystem growth and staking strategies.

As StablecoinX gears up for its public launch, Ethena’s integration with traditional financial systems—such as BlackRock’s USD Institutional Digital Liquidity Fund via USDtb—demonstrates its capacity to drive stablecoin adoption. This partnership showcases Ethena’s ability to work with established institutions while upholding its decentralized principles title4 [ 4 ]. With ongoing buybacks and a focus on yield, the Ethena ecosystem is set to play a key role in the evolution of the stablecoin industry.