Institutional Confidence Boosts Ethena’s Stablecoin Ambitions

Binance has announced the listing of Ethena’s stablecoin USDe, with trading in USDe/USDC and USDe/USDT pairs set to commence on September 9, 2025, at 12:00 UTC. Withdrawal functionality for USDe will become available the following day, on September 10, at the same time. This move reflects the growing institutional interest in USDe, which has seen a significant increase in its treasury strategy led by StablecoinX, a firm associated with Ethena.

StablecoinX has recently secured $530 million in new private investment in public equity (PIPE) financing, bringing its total fundraising to $890 million. This additional capital will be used to expand its treasury strategy, including the purchase of Ethena’s native token, ENA. The firm plans to acquire locked ENA tokens from a subsidiary of the Ethena Foundation, while the subsidiary intends to use the funds to purchase ENA from the spot market over the next 6–8 weeks. This strategy is designed to build a more substantial and secure foundation for USDe, which is currently the third-largest stablecoin by circulating volume [1].

The funding round saw participation from notable institutional investors, including YZi Labs, Brevan Howard, Susquehanna Crypto, and IMC Trading, alongside repeat backers from earlier rounds. The newly raised funds will help expand StablecoinX’s treasury position, strengthening its backing for the USDe stablecoin and potentially increasing investor confidence in the asset’s stability and collateralization.

In addition, StablecoinX announced the formation of a Strategic Advisory Board, chaired by Rob Hadick, a general partner at venture capital firm Dragonfly. The board aims to provide guidance on ecosystem alignment, governance, and long-term value creation for public shareholders, reinforcing the firm’s commitment to transparency and strategic alignment with the Ethena ecosystem [1]. The advisory board’s role includes working closely with StablecoinX’s board and management to ensure best practices in market structure and partnership development.

The news of the new financing round and treasury strategy has already had a positive impact on the price of ENA, which rose nearly 12% within 24 hours of the announcement. Ethena’s USDe stablecoin, backed by a growing treasury of ENA tokens, has been gaining traction as an alternative to Tether and Circle’s USDC, the two leading stablecoins in the market. The expansion of StablecoinX’s ENA holdings and the planned Nasdaq listing under the ticker USDE in Q4 2025 could further cement USDe’s position in the stablecoin market.

Binance’s decision to list USDe underscores the increasing acceptance of stablecoins that are backed by tokenized assets and supported by institutional-grade treasury strategies. The timing of the listing aligns with the broader trend of institutional entry into crypto markets and the development of more sophisticated stablecoin structures that aim to address concerns around transparency and collateral management.

Source: [1] Ethena jumps 12% after treasury firm StablecoinX secures $530 million investment (https://www.theblock.co/post/369709/ethena-jumps-12-after-treasury-firm-stablecoinx-secures-530-million-investment?utm_medium=rss&utm_source=rss)