{"id":47600,"date":"2025-09-06T08:54:11","date_gmt":"2025-09-06T01:54:11","guid":{"rendered":"https:\/\/hbbgroup.net\/stablecoinx-expands-financing-to-890m-for-ethenas-ena-treasury\/"},"modified":"2025-09-06T08:54:11","modified_gmt":"2025-09-06T01:54:11","slug":"stablecoinx-expands-financing-to-890m-for-ethenas-ena-treasury","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/vi\/stablecoinx-expands-financing-to-890m-for-ethenas-ena-treasury\/","title":{"rendered":"StablecoinX expands financing to $890M for Ethena&#039;s ENA treasury"},"content":{"rendered":"<div data-v-43e640e6>\n<p>StablecoinX and TLGY Acquisition have secured an additional $530 million in financing to buy digital assets, bringing total commitments to $890 million ahead of a planned merger and Nasdaq listing.<\/p>\n<p>The combined company, to be renamed StablecoinX Inc., is set to hold more than 3 billion ENA, the native token of the Ethena protocol. <a href=\"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\" rel=\"nofollow noopener\" target=\"_blank\" title=\"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\">According<\/a> to the company, it will be the first dedicated treasury business for the Ethena ecosystem, which issues the USDe and USDtb stablecoins.<\/p>\n<p>The capital was raised through a private investment in public equity (PIPE) transaction, which allows public companies to raise capital by selling discounted shares to institutional investors. <\/p>\n<p>New investors in the company include YZi Labs, Brevan Howard, Susquehanna Crypto, and IMC Trading, as well as returning backers Dragonfly, ParaFi Capital, Maven11, Kingsway, Mirana and Haun Ventures.\u00a0<\/p>\n<p><iframe width=\"100%\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/ry9MI57Pbjs?start=\" frameborder=\"0\" allow=\"accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen loading=\"lazy\"><\/iframe><\/p>\n<p>The PIPE deal was priced at $10 per share, with part of the proceeds allocated to discounted locked ENA purchased from a foundation subsidiary.<\/p>\n<p>\u201cThe additional funding strengthens ecosystem resilience, deepens ENA liquidity, and supports the sustainable growth of USDe, USDtb, and future Ethena products,\u201d Marc Piano, director at the Ethena Foundation, said in a statement.<\/p>\n<p>The announcement follows a July 21 disclosure that outlined TLGY and StablecoinX\u2019s proposed merger, an initial <a href=\"https:\/\/cointelegraph.com\/news\/stablecoinx-spac-merger-ena-treasury-ethena\" rel target=\"_self\" title=\"https:\/\/cointelegraph.com\/news\/stablecoinx-spac-merger-ena-treasury-ethena\">$360 million PIPE financing<\/a>, and a $260 million ENA buyback program.<\/p>\n<p><em><strong>Related: <\/strong><\/em><a href=\"https:\/\/cointelegraph.com\/news\/race-global-stablecoin-rails-stripe-fireblocks\" rel target=\"_self\" title=\"https:\/\/cointelegraph.com\/news\/race-global-stablecoin-rails-stripe-fireblocks\"><em><strong>Race for global stablecoin rails heats up with Stripe, Fireblocks launches<\/strong><\/em><\/a><a href=\"https:\/\/cointelegraph.com\/news\/race-global-stablecoin-rails-stripe-fireblocks\" rel target=\"_self\" title=\"https:\/\/cointelegraph.com\/news\/race-global-stablecoin-rails-stripe-fireblocks\">\u00a0<\/a><\/p>\n<h2>Ethena stablecoin is setting records<\/h2>\n<p>Launched in early 2024 by Ethena Labs, the <a href=\"https:\/\/docs.ethena.fi\" rel=\"nofollow noopener\" target=\"_blank\" title=\"https:\/\/docs.ethena.fi\">Ethena<\/a> protocol issues synthetic dollar stablecoins such as USDe and USDtb, which are backed by a delta-neutral hedging model rather than traditional reserves. <\/p>\n<p data-ct-non-breakable=\"undefined\">The project is overseen by the Switzerland-based Ethena Foundation, which is responsible for governance and ecosystem development.<\/p>\n<p>According to Binance Research\u2019s September <a href=\"https:\/\/public.bnbstatic.com\/static\/files\/research\/monthly-market-insights-2025-09.pdf\" rel=\"nofollow noopener\" target=\"_blank\" title=\"https:\/\/public.bnbstatic.com\/static\/files\/research\/monthly-market-insights-2025-09.pdf\">report<\/a>, USDe became the fastest stablecoin to surpass $10 billion in supply, reaching $12.6 billion as of September. The report noted that the milestone came in under ten months, compared with about 88 months for Tether\u2019s USDT and 38 months for Circle\u2019s USDC.\u00a0<\/p>\n<figure><img decoding=\"async\" alt src=\"https:\/\/s3.cointelegraph.com\/uploads\/2025-09\/01991bbd-7fbd-7517-add2-90b4fca2eb26\" title><figcaption><em>USDe stablecoin supply. Source: <\/em><a data-ct-non-breakable=\"null\" href=\"https:\/\/tokenterminal.com\/explorer\/projects\/ethena\/usde\" rel=\"https:\/\/tokenterminal.com\/explorer\/projects\/ethena\/usde\" target=\"https:\/\/tokenterminal.com\/explorer\/projects\/ethena\/usde\" title=\"https:\/\/tokenterminal.com\/explorer\/projects\/ethena\/usde\"><em>Token Terminal<\/em><\/a><\/figcaption><\/figure>\n<p>Token Terminal data shows USDe supply has grown 31% in the past month, making Ethena the third-largest stablecoin issuer behind Tether and Circle.<\/p>\n<p>Ethena has also generated over <a href=\"https:\/\/cointelegraph.com\/news\/ethena-crosses-500m-cumulative-revenue-synthetic-stablecoins-gain-ground\" rel target=\"_self\" title=\"https:\/\/cointelegraph.com\/news\/ethena-crosses-500m-cumulative-revenue-synthetic-stablecoins-gain-ground\">$500 million in cumulative revenue<\/a> as of August, recently exceeding $13 million in weekly protocol earnings. <\/p>\n<p>Binance Research attributed the increase to higher demand for USDe and returns from the project\u2019s hedging model, which captures yield from crypto markets to maintain the stablecoin\u2019s peg. <\/p>\n<p>It also noted that Ethena\u2019s fiat-backed stablecoin, USDtb, is being developed with a pathway to compliance under the recently enacted <a href=\"https:\/\/cointelegraph.com\/explained\/what-does-the-us-genius-act-mean-for-stablecoins\" rel target=\"_self\" title=\"https:\/\/cointelegraph.com\/explained\/what-does-the-us-genius-act-mean-for-stablecoins\">US GENIUS Act<\/a>, which US President Donald <a href=\"https:\/\/cointelegraph.com\/news\/donald-trump-stablecoin-law-signed\" rel target=\"_self\" title=\"https:\/\/cointelegraph.com\/news\/donald-trump-stablecoin-law-signed\">Trump signed into law<\/a> on July 18.<\/p>\n<p><a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/magazine\/bitcoin-stablecoins-showdown-looms-genius-act-nears\/\" title=\"null\"><em><strong>Magazine: Bitcoin vs stablecoins showdown looms as GENIUS Act nears<\/strong><\/em><\/a><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\" data-ct-non-breakable=\"undefined\" label=\"Subscription Form: Markets Outlook\"><\/template><\/div>","protected":false},"excerpt":{"rendered":"<p>StablecoinX and TLGY Acquisition have secured an additional $530 million in financing to buy digital assets, bringing total commitments to [&hellip;]<\/p>","protected":false},"author":1,"featured_media":47601,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[220],"tags":[],"class_list":["post-47600","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tien-dien-tu"],"acf":[],"_links":{"self":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts\/47600","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/comments?post=47600"}],"version-history":[{"count":0,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts\/47600\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/media\/47601"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/media?parent=47600"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/categories?post=47600"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/tags?post=47600"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}