The acquisition of Stablecoinx and Tlgy has brought in an extra $530 million to purchase digital assets, marking a total commitment of $890 million in anticipation of the merger and NASDAQ listing.
Now known as Stablecoinx Inc., the company aims to hold over 3 billion ENAs, which are the native tokens of the Ethena protocol. This will position it as the first financial entity dedicated to the Ethena Ecosystem, which is known for its issuance of USDE and USDTB stablecoins.
The funds were raised through private investments in public equity (PIPE) deals, which let public companies sell shares at discounted rates to institutional investors.
New investors in this round include YZI Labs, Brevan Howard, Susquehanna Crypto, and IMC Trading, while returning backers are Dragonfly, Parafi Capital, Maven11, Kingsway, Mirana, and Haun Ventures.
The PIPE transaction was priced at $10 per share, with some of the proceeds earmarked for discounted locked ENAs acquired from foundation subsidiaries.
Marc Piano, director of the Ecena Foundation, mentioned that this additional funding would help bolster ecosystem resilience, enhance ENA liquidity, and promote the sustainable growth of USDE, USDTB, and future Ecena offerings.
This news follows a disclosure from July 21, detailing the proposed merger between Tlgy and Stablecoinx, the initial $360 million PIPE finance, and a $260 million ENA buyback program.
Ethena Stablecoin is hitting milestones
Launched by Ethena Lab in early 2024, the Ethena protocol issues synthetic dollar stablecoins like USDE and USDTB, utilizing a delta neutral hedge model rather than relying on traditional reserves.
The Swiss-based Ethena Foundation oversees the project, focusing on governance and ecosystem development.
According to Binance Research’s September report, USDE has emerged as the fastest stablecoin, exceeding a $10 billion supply and reaching $12.6 billion by September. This impressive growth came in under 10 months, especially when compared to USDT and USDC, which took around 88 and 38 months, respectively.
Data from Token Terminal indicates that USDE’s supply has jumped by 31% in the past month, positioning Ecena as the third largest stablecoin issuer, following Tether and Circle.
Ethena has also reported over $500 million in cumulative revenue as of August, recently exceeding $13 million in weekly protocol revenue.
The increased demand for USDE is largely credited for this growth, as the project captures yields from the crypto market to maintain stablecoin pegs.
Additionally, the USDTB, another stablecoin backed by Ecena’s Fiat, is being developed with an eye on compliance following the new US regulations signed into law by President Donald Trump on July 18.
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