Ethena Mimics Bitcoin Treasury Model to Stabilize $6.1B USDe Ecosystem

StablecoinX, a newly formed infrastructure company within the Ethena ecosystem, has announced it has accumulated 11.87 million ENA tokens, valued at approximately $7.2 million, through a series of strategic on-chain transactions. The move follows a $530 million private investment in public equity (PIPE) funding round, which expanded the company’s capital reserves to $890 million. These funds are earmarked to build a long-term treasury of ENA tokens, the native governance token of the Ethena protocol, with the goal of reinforcing the stability and growth of Ethena’s synthetic stablecoin, USDe.

The funding round attracted participation from major institutional investors, including Brevan Howard, Susquehanna Crypto, IMC Trading, and returning backers such as Dragonfly and ParaFi. The Ethena Foundation has also committed to a $310 million buyback program, aligning with StablecoinX’s treasury strategy to acquire ENA tokens on public markets. This approach mirrors traditional Bitcoin treasury models, where tokens are locked indefinitely to create sustained demand and reduce circulating supplytitle1^[1]. The combined efforts of StablecoinX and the Ethena Foundation aim to establish a reserve of over 3 billion ENA tokens, positioning the entity as the first dedicated treasury vehicle for the stablecoin protocoltitle3^[3].

Ethena’s USDe stablecoin has emerged as a significant player in the digital asset space, currently ranking as the third-largest on-chain stablecoin issuer with a market capitalization of $6.1 billion. This places it behind Tether’s USDT ($162 billion) and Circle’s USDC ($64 billion), but ahead of other competitors. The growth of USDe is attributed to its delta-neutral hedging model, which generates yield by pairing crypto assets with short perpetual futures positions. This structure has attracted institutional interest, with the protocol reporting $500 million in cumulative revenue by August 2025title3^[3].

The strategic accumulation of ENA tokens by StablecoinX is designed to enhance ecosystem resilience and liquidity. Marc Piano, director at the Ethena Foundation, emphasized that the capital would “strengthen ecosystem resilience, deepen ENA liquidity, and support the sustainable growth of USDe, USDtb, and future Ethena products.” The treasury strategy also includes forming a new advisory board chaired by Dragonfly’s Rob Hadick, focusing on governance, partnerships, and shareholder valuetitle1^[1]. The locked-token framework ensures that acquired ENA is not subject to immediate market dumping, mitigating downward pressure on the token’s pricetitle4^[4].

The broader implications of StablecoinX’s activities extend beyond the Ethena ecosystem. The stablecoin market is projected to surpass $2 trillion by 2028, driven by growing institutional adoption and regulatory clarity in the U.S. The recent passage of the GENIUS Act, which establishes reserve requirements for stablecoin issuers, has further legitimized the sector. StablecoinX’s Nasdaq listing under the ticker “USDE” in the fourth quarter of 2025 will provide public market exposure to ENA token holders, bridging traditional finance and decentralized protocolstitle2^[2]. This move aligns with a broader trend of DeFi projects leveraging SPAC mergers to access institutional capital while maintaining decentralized governance structurestitle4^[4].

The recent $11.8 million ENA withdrawal from Binance, linked to a StablecoinX-associated address, underscores the firm’s active treasury management. While large token movements can signal short-term volatility, analysts suggest this activity reflects long-term strategic planning rather than speculative trading. The address now holds 88.26 million ENA tokens, valued at $54 million, indicating a commitment to ecosystem development and staking initiatives.

As StablecoinX prepares for its public debut, the Ethena protocol’s integration with traditional financial infrastructure—such as BlackRock’s USD Institutional Digital Liquidity Fund via USDtb—highlights its potential to expand stablecoin adoption. The partnership demonstrates Ethena’s ability to collaborate with legacy institutions while maintaining its decentralized ethostitle4^[4]. With ongoing buybacks and a focus on yield generation, the Ethena ecosystem is poised to play a pivotal role in shaping the future of stablecoin markets.