StablecoinX and TLGY Acquisition have raised an additional $530 million to expand digital asset holdings, pushing total commitments to $890 million ahead of a planned Nasdaq listing.
The funding comes via a PIPE deal (private investment in public equity), pricing shares at $10 each, with proceeds partly used to acquire discounted locked ENA tokens from a foundation affiliate.
StablecoinX to Hold 3B ENA as Ethena’s First Treasury Firm
The merged entity, to be named StablecoinX Inc., will hold more than 3 billion ENA, the native asset of the Ethena protocol, making it the first dedicated treasury business for the Ethena ecosystem.
Ethena issues synthetic stablecoins USDe and USDtb, backed not by fiat reserves but a delta-neutral hedging model designed to maintain stability while capturing yield from crypto markets.
Backers of the PIPE round include YZi Labs, Brevan Howard, Susquehanna Crypto, and IMC Trading, alongside returning investors Dragonfly, ParaFi Capital, Maven11, Kingsway, Mirana, and Haun Ventures.
Marc Piano, director at the Ethena Foundation, said the added capital would “strengthen ecosystem resilience, deepen ENA liquidity, and support the sustainable growth of USDe, USDtb, and future Ethena products.”
The announcement builds on a July 21 filing that detailed the initial $360 million PIPE commitment and a $260 million ENA buyback.
We’d also like to thank those investors who also participated in our original PIPE: @dragonfly_xyz, @PanteraCapital, @paraficapital, @Maven11Capital, @Mirana & @HaunVentures.
Read today’s announcement here: https://t.co/BgDe0Kd0sz pic.twitter.com/IzjlednhJZ— StablecoinX (@stablecoin_x) September 5, 2025
According to Binance Research, USDe became the fastest stablecoin to cross $10 billion in supply, reaching $12.6 billion as of September, faster than both Tether’s USDT and Circle’s USDC.
Ethena now ranks as the third-largest stablecoin issuer, trailing only Tether and Circle. Token Terminal data shows a 31% increase in USDe supply over the past month, while cumulative revenue surpassed $500 million by August.
Weekly earnings recently topped $13 million, largely driven by market demand and the protocol’s yield-capturing structure.
Meanwhile, USDtb, Ethena’s fiat-backed stablecoin, is being developed under the compliance framework of the GENIUS Act, signed into law by President Trump on July 18.
The Switzerland-based Ethena Foundation continues to oversee protocol governance and ecosystem expansion.
Trump-Backed GENIUS Act Boosts US Push for Dollar-Pegged Stablecoins
The recent passage of the GENIUS Act, signed by President Trump, aims to cement the dollar’s dominance by backing dollar-pegged stablecoins in global markets.
The Treasury Department expects the stablecoin market to exceed $2 trillion by 2028, a projection that places greater emphasis on liquidity, interoperability, and regulatory alignment across the ecosystem. Tether’s latest move underscores a pragmatic shift toward that future.
As reported, Ripple CEO Brad Garlinghouse has said the stablecoin sector is poised for explosive growth, projecting the market could balloon from its current $250 billion capitalization to as much as $2 trillion in the near future.
“Many people think it will reach $1 to $2 trillion in a handful of years,” Garlinghouse said, adding that Ripple is positioned to benefit from that trajectory.
Meanwhile, Western Union is positioning itself for a new phase of digital transformation, signaling strong interest in using stablecoins to modernize its global remittance operations.
CEO Devin McGranahan has outlined how stablecoins could streamline cross-border transfers, improve currency conversion in underserved markets, and provide financial tools for populations grappling with unstable local currencies.
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