New $530M PIPE investment strengthens Ethena ecosystem, boosts liquidity for USDe and USDtb stablecoins
StablecoinX, in partnership with TLGY Acquisition, has raised an additional $530 million through a PIPE transaction, expanding total financing for its Ethena ENA treasury strategy to $890 million. The move comes as the firms prepare for a merger and future Nasdaq listing, marking a significant step in institutional adoption of Ethena’s stablecoin ecosystem.
ENA reserve strengthens liquidity
Following the latest financing, the combined company—soon to be rebranded as StablecoinX Inc.—will control more than 3 billion ENA tokens, positioning itself as the first dedicated treasury business for the Ethena protocol. Proceeds will also support discounted ENA purchases from a foundation subsidiary, aimed at stabilizing token supply.
“The additional funding strengthens ecosystem resilience, deepens ENA liquidity, and supports the sustainable growth of USDe, USDtb, and future Ethena products,” said Marc Piano, director at the Ethena Foundation.
Strong investor participation
The PIPE round attracted both new and returning backers, including YZi Labs, Brevan Howard, Susquehanna Crypto, and IMC Trading. Previous supporters such as Dragonfly, ParaFi Capital, Maven11, Kingsway, Mirana, and Haun Ventures also participated, signaling continued confidence in Ethena’s long-term outlook.
Ethena stablecoin growth sets records
Launched in 2024, Ethena’s synthetic stablecoin USDe has become the fastest in history to surpass $10 billion in supply, hitting $12.6 billion in under ten months. By comparison, Tether’s USDT reached the milestone in 88 months and Circle’s USDC in 38 months.
Data from Token Terminal shows USDe supply has grown 31% in the past month, making Ethena the third-largest stablecoin issuer globally. The protocol has also generated over $500 million in cumulative revenue, with weekly earnings now above $13 million.
With $890 million in fresh financing and a Nasdaq debut on the horizon, StablecoinX’s treasury expansion underlines rising institutional confidence in Ethena’s next-generation stablecoin model, which combines synthetic hedging mechanics with pathways to regulatory compliance.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.