Ethena’s $890M Treasury Play Redefines Stablecoin Capital Strategy

StablecoinX and TLGY Acquisition Corp. have announced the successful raising of $890 million in financing, including a new $530 million private investment in public equity (PIPE) round, to support their planned merger and Nasdaq listing. The funds will be used to acquire approximately 3 billion ENA tokens, the native asset of the Ethena protocol. The combined company, to be named StablecoinX Inc., is expected to be the first dedicated treasury vehicle for the Ethena ecosystem, which issues synthetic dollar stablecoins such as USDe and USDtb. The capital raised will strengthen ENA liquidity, support sustainable growth in the Ethena stablecoin ecosystem, and align with long-term governance and market strategies.

The PIPE transaction was priced at $10 per share, with participation from new investors like YZi Labs, Brevan Howard, Susquehanna Crypto, and IMC Trading, alongside returning backers including Dragonfly, ParaFi Capital, and Haun Ventures. Part of the proceeds will be used to purchase discounted locked ENA tokens from a subsidiary of the Ethena Foundation. As part of a broader collaboration, the Ethena Foundation is also undertaking a $310 million token buyback program, bringing total announced purchases to $570 million. The buyback will reinforce alignment between the Ethena Foundation and StablecoinX shareholders by using the proceeds to purchase ENA tokens on public markets through intermediary market makers.

StablecoinX has also formed a strategic advisory board, chaired by Rob Hadick, a general partner at Dragonfly, to provide strategic counsel and support long-term value creation. The advisory board will focus on governance, partnerships, and market structure as the company links public equity capital with Ethena’s token economy. The merger is expected to close in Q4 2025, subject to shareholder approval and customary conditions. Upon completion, StablecoinX’s Class A common shares will be listed on Nasdaq under the ticker symbol “USDE.”

Ethena, the protocol behind USDe and USDtb, has demonstrated rapid growth since its launch in early 2024. According to Binance Research, USDe became the fastest stablecoin to reach $10 billion in supply, hitting $12.6 billion by September 2025. This milestone was achieved in under ten months, significantly faster than Tether’s USDT (88 months) and Circle’s USDC (38 months). Token Terminal data indicates USDe’s supply grew 31% in the past month, making Ethena the third-largest stablecoin issuer by supply, trailing only Tether and Circle. Ethena has generated over $500 million in cumulative revenue as of August 2025, with weekly protocol earnings recently exceeding $13 million.

USDe operates on a unique delta-neutral hedging model, which maintains its peg to the U.S. dollar without relying on traditional cash reserves. Instead, it captures yield from crypto markets, aligning with demand for yield-bearing stablecoins in a regulatory environment that has restricted traditional stablecoin issuers from offering yields. Ethena is also developing USDtb, a fiat-backed stablecoin with a pathway to compliance under the U.S. GENIUS Act, which was signed into law by President Trump in July 2025. The Ethena Foundation, based in Switzerland, oversees protocol governance and ecosystem development, with a focus on long-term stability and growth.

The $890 million in secured financing represents a major milestone for the Ethena ecosystem. The investment is expected to deepen ENA liquidity and support the ecosystem’s resilience ahead of the Nasdaq listing. The move aligns with broader institutional interest in Ethena’s stablecoin offerings, which have gained traction through integrations with major DeFi platforms like Aave and Pendle. As traditional stablecoin issuers face regulatory constraints, Ethena’s yield-driven model and innovative governance structure position it as a compelling alternative 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 o Back Ethena- ... (https://www.coindesk.com/business/2025/09/06/stablecoinx-secures-usd530m-investment-to-back-ethena-linked-treasury) [3] TLGY Acquisition Corp. and StablecoinX Assets Inc. ... (https://www.businesswire.com/news/home/20250905713395/en/TLGY-Acquisition-Corp.-and-StablecoinX-Assets-Inc.-Announce-Additional-%24530-Million-in-PIPE-Financing-and-Creation-of-New-Strategic-Advisory-Board) [4] Ethena jumps 12% after treasury firm StablecoinX secures ... (https://www.theblock.co/post/369709/ethena-jumps-12-after-treasury-firm-stablecoinx-secures-530-million-investment) [5] StablecoinX Raises $890 Million to Build Massive Ethena ... (https://bravenewcoin.com/insights/stablecoinx-raises-890-million-to-build-massive-ethena-token-treasury)