ENA Tokens Pledge to Power the Future of the Digital Dollar

StablecoinX has secured an additional $530 million in financing, bringing total commitments to $890 million for its planned merger with TLGY Acquisition and Nasdaq listing. The funds, raised through a private investment in public equity (PIPE) transaction, were priced at $10 per share and were backed by new and returning investors, including YZi Labs, Brevan Howard, Susquehanna Crypto, and IMC Trading, among others [1]. Proceeds from the deal will be used to acquire discounted locked ENA tokens from a subsidiary of the Ethena Foundation, supporting the combined company’s multi-year treasury strategy focused on building a reserve of ENA [2].

The merged entity will be renamed StablecoinX Inc. and is expected to hold over 3 billion ENA tokens, the native token of the Ethena protocol. This move positions the company as the first dedicated treasury business for the Ethena ecosystem, which issues the synthetic dollar stablecoins USDe and USDtb. Marc Piano, director at the Ethena Foundation, highlighted that the additional capital would enhance ecosystem resilience, deepen ENA liquidity, and support the sustainable growth of Ethena’s stablecoin offerings [1].

Ethena’s stablecoins have demonstrated rapid growth. USDe, launched in early 2024, became the fastest stablecoin to surpass $10 billion in supply, reaching $12.6 billion as of September. This milestone was achieved in under ten months, a stark contrast to Tether’s USDT, which took 88 months to reach a similar level, and Circle’s USDC, which took 38 months [1]. Token Terminal data shows USDe’s supply has grown by 31% in the past month, making Ethena the third-largest stablecoin issuer behind Tether and Circle [1].

Ethena’s financial performance has also been robust. The protocol generated over $500 million in cumulative revenue by August and recently reported weekly protocol earnings exceeding $13 million. Binance Research attributed this growth to increased demand for USDe and the effectiveness of Ethena’s delta-neutral hedging model, which captures yield from crypto markets to maintain the stablecoin’s peg [1]. The project is also developing USDtb, a fiat-backed stablecoin with a compliance pathway under the recently enacted US GENIUS Act, signed into law by President Donald Trump on July 18 [1].

The expansion of StablecoinX’s treasury strategy is further supported by the formation of a Strategic Advisory Board, chaired by Rob Hadick of Dragonfly. The board will provide strategic counsel to enhance ecosystem alignment and governance best practices. Additionally, the Ethena Foundation announced a $310 million follow-on token buyback program, bringing total announced buybacks to $570 million [3]. These initiatives aim to reinforce the alignment between the Ethena Foundation and public shareholders while promoting long-term value creation [3].

The merger is expected to close in Q4 2025, pending shareholder approval and other customary conditions. Upon completion, StablecoinX’s Class A common shares will be listed on Nasdaq under the ticker symbol “USDE.” The move is seen as a strategic step in capitalizing on the growing demand for exposure to stablecoins, with Ethena positioned as a key player in the digital dollar ecosystem [4].

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[1] StablecoinX expands financing to $890M for Ethena's ENA... (https://cointelegraph.com/news/tlgy-and-stablecoinx-secure-530m-pipe-as-ethena-s-usde-becomes-fastest-stablecoin-to-10b-supply)

[2] TLGY Acquisition Corp. and StablecoinX Assets Inc. ... (https://www.businesswire.com/news/home/20250905713945/en/TLGY-Acquisition-Corp.-and-StablecoinX-Assets-Inc.-Announce-Additional-%24530-Million-in-PIPE-Financing-and-Creation-of-New-Strategic-Advisory-Board)

[4] StablecoinX secures additional $530 million PIPE financing (https://www.investing.com/news/company-news/stablecoinx-secures-additional-530-million-pipe-financing-93CH-4227564)