StablecoinX and TLGY Acquisition have secured an additional $530 million in financing to buy digital assets, bringing total commitments to $890 million ahead of a planned merger and Nasdaq listing.<\/p>\n
The combined company, to be renamed StablecoinX Inc., is set to hold more than 3 billion ENA, the native token of the Ethena protocol. According<\/a> to the company, it will be the first dedicated treasury business for the Ethena ecosystem, which issues the USDe and USDtb stablecoins.<\/p>\n The capital was raised through a private investment in public equity (PIPE) transaction, which allows public companies to raise capital by selling discounted shares to institutional investors. <\/p>\n New investors in the company include YZi Labs, Brevan Howard, Susquehanna Crypto, and IMC Trading, as well as returning backers Dragonfly, ParaFi Capital, Maven11, Kingsway, Mirana and Haun Ventures.\u00a0<\/p>\n The PIPE deal was priced at $10 per share, with part of the proceeds allocated to discounted locked ENA purchased from a foundation subsidiary.<\/p>\n \u201cThe additional funding strengthens ecosystem resilience, deepens ENA liquidity, and supports the sustainable growth of USDe, USDtb, and future Ethena products,\u201d Marc Piano, director at the Ethena Foundation, said in a statement.<\/p>\n The announcement follows a July 21 disclosure that outlined TLGY and StablecoinX\u2019s proposed merger, an initial $360 million PIPE financing<\/a>, and a $260 million ENA buyback program.<\/p>\n Related: <\/strong><\/em>Race for global stablecoin rails heats up with Stripe, Fireblocks launches<\/strong><\/em><\/a>\u00a0<\/a><\/p>\n Launched in early 2024 by Ethena Labs, the Ethena<\/a> protocol issues synthetic dollar stablecoins such as USDe and USDtb, which are backed by a delta-neutral hedging model rather than traditional reserves. <\/p>\n The project is overseen by the Switzerland-based Ethena Foundation, which is responsible for governance and ecosystem development.<\/p>\n According to Binance Research\u2019s September report<\/a>, USDe became the fastest stablecoin to surpass $10 billion in supply, reaching $12.6 billion as of September. The report noted that the milestone came in under ten months, compared with about 88 months for Tether\u2019s USDT and 38 months for Circle\u2019s USDC.\u00a0<\/p>\n USDe stablecoin supply. Source: <\/em>Token Terminal<\/em><\/a><\/p>\n Token Terminal data shows USDe supply has grown 31% in the past month, making Ethena the third-largest stablecoin issuer behind Tether and Circle.<\/p>\n Ethena has also generated over $500 million in cumulative revenue<\/a> as of August, recently exceeding $13 million in weekly protocol earnings. <\/p>\n Binance Research attributed the increase to higher demand for USDe and returns from the project\u2019s hedging model, which captures yield from crypto markets to maintain the stablecoin\u2019s peg. <\/p>\n It also noted that Ethena\u2019s fiat-backed stablecoin, USDtb, is being developed with a pathway to compliance under the recently enacted US GENIUS Act<\/a>, which US President Donald Trump signed into law<\/a> on July 18.<\/p>\n Magazine: Bitcoin vs stablecoins showdown looms as GENIUS Act nears<\/strong><\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" StablecoinX and TLGY Acquisition have secured an additional $530 million in financing to buy digital assets, bringing total commitments to $890 million ahead of a planned merger and Nasdaq listing. The combined company, to be renamed StablecoinX Inc., is set to hold more than 3 billion ENA, the native token of the Ethena protocol. According 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PLUG<\/a>","rttpg_excerpt":"StablecoinX and TLGY Acquisition have secured an additional $530 million in financing to buy digital assets, bringing total commitments to $890 million ahead of a planned merger and Nasdaq listing. The combined company, to be renamed StablecoinX Inc., is set to hold more than 3 billion ENA, the native token of the Ethena protocol. According…","_links":{"self":[{"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/posts\/28088","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/comments?post=28088"}],"version-history":[{"count":1,"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/posts\/28088\/revisions"}],"predecessor-version":[{"id":28090,"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/posts\/28088\/revisions\/28090"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/media\/28089"}],"wp:attachment":[{"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/media?parent=28088"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/categories?post=28088"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/design-providers.com\/rise\/wp-json\/wp\/v2\/tags?post=28088"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Ethena stablecoin is setting records<\/h2>\n