StablecoinX announced a new $530 million private investment in public equity (PIPE), boosting its available capital to $890 million as it prepares to merge and list on Nasdaq under the ticker USDE. The funding supports a long-term treasury strategy built around Ethena’s ENA token, with StablecoinX expected to hold more than 3 billion ENA as an dedicated treasury vehicle for the protocol.
Participants in the round include Brevan Howard, Susquehanna Crypto, IMC Trading and repeat backers Dragonfly and ParaFi. The Ethena Foundation is matching the effort with a new $310 million buyback program, bringing total announced purchases to $570 million; proceeds will be used to acquire ENA on public markets. ArkStream Capital also increased its exposure to the project, adding $10 million to Ethena Labs on top of a prior $5 million commitment.
StablecoinX formed a strategic advisory board chaired by Rob Hadick of Dragonfly to align its treasury strategy with governance, partnerships and long-term shareholder value. The merger with TLGY Acquisition Corp. is expected to close in the fourth quarter.
Why it matters: Combining public-equity capital with a concentrated token treasury is relatively novel at scale. A large, centralized ENA position can improve liquidity and give the company capital flexibility, but it also concentrates market exposure. Price moves in ENA could affect both token holders and public shareholders. Additionally, stablecoin-related initiatives remain sensitive to regulatory scrutiny, which could influence market access and operational requirements.
Source: BusinessWire. Read the original coverage for full details.