Ethena’s $12.6B Stablecoin Surge Redefines Market Speed Records

StablecoinX and TLGY Acquisition Corp. have secured $530 million in additional funding, bringing total commitments to $890 million ahead of a planned merger and Nasdaq listing under the new entity, StablecoinX Inc. The funding, raised through a private investment in public equity (PIPE) transaction, was priced at $10 per share. Part of the proceeds will be used to acquire discounted locked ENA tokens from a foundation subsidiary, further strengthening the Ethena ecosystem’s liquidity and supporting the growth of its stablecoins, USDe and USDtb [1]. Investors in the latest round include notable names such as YZi Labs, Brevan Howard, Susquehanna Crypto, and IMC Trading, in addition to returning backers like Dragonfly and ParaFi Capital [2]. The Ethena Foundation has also announced a $310 million buyback program, aligning with the new capital to reinforce the stability and utility of the Ethena protocol [2].

StablecoinX Inc. is set to become the first dedicated treasury vehicle for the Ethena ecosystem, with a projected ENA token holding of more than 3 billion. This strategic move aims to deepen ENA’s liquidity and support the sustainable expansion of Ethena’s stablecoins. Marc Piano, director at the Ethena Foundation, stated that the additional capital will bolster the ecosystem’s resilience and facilitate future product development [1]. The transaction marks a significant milestone for Ethena, a relatively new entrant in the stablecoin space that has rapidly gained traction. The combined company plans to list on Nasdaq under the ticker "USDE," with the merger expected to close in the fourth quarter [2].

Ethena’s USDe stablecoin has emerged as a major player in the market, reaching a supply of $12.6 billion as of September, according to Binance Research. This achievement was reached in under ten months, significantly faster than historical benchmarks such as Tether’s USDT and Circle’s USDC [1]. The growth of USDe has been attributed to a delta-neutral hedging model, which captures yield from crypto markets to maintain its peg. This innovative approach has enabled USDe to generate over $500 million in cumulative revenue as of August, including more than $13 million in weekly protocol earnings [1]. The rapid adoption of USDe has positioned Ethena as the third-largest stablecoin issuer, following Tether and Circle, and highlighted the potential for yield-generating stablecoins to disrupt traditional models [2].

The Ethena protocol’s success is further supported by strategic institutional partnerships and regulatory developments. The Ethena Foundation is working toward compliance for its fiat-backed stablecoin, USDtb, under the recently enacted U.S. GENIUS Act, signed into law by President Donald Trump on July 18. This regulatory clarity could facilitate broader adoption and integration with traditional financial systems [1]. In addition, Ethena has expanded its institutional footprint, with partnerships with platforms like Coinbase and custodians such as Copper. These developments underscore a growing institutional appetite for yield-driven stablecoins and reflect confidence in Ethena’s long-term viability [3].

The strategic alignment between public equity capital and Ethena’s token economy is also being reinforced through governance initiatives. StablecoinX has established an advisory board chaired by Rob Hadick of Dragonfly, tasked with guiding governance, partnerships, and long-term shareholder value [2]. This move is part of a broader effort to integrate capital markets with decentralized governance, ensuring that the Ethena ecosystem can scale sustainably while maintaining a strong foundation [1]. As the merger and Nasdaq listing proceed, the focus will remain on liquidity, protocol resilience, and regulatory compliance—key factors that will determine Ethena’s ability to compete in the evolving stablecoin landscape.

Source:

[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] StablecoinX Secures $530M Investment to Back Ethena-Linked Treasury (https://www.coindesk.com/business/2025/09/06/stablecoinx-secures-usd530m-investment-to-back-ethena-linked-treasury)

[3] From 0 to $12.4 billion in a blitz, how did Ethena create ... (https://www.panewslab.com/en/articles/d124dd25-861d-437b-925e-57b37cc87aab)