StablecoinX – Earlybirds Invest

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.

The combined company, to be renamed StablecoinX Inc., is set to hold more than 3 billion ENA, the native token of the Ethena protocol. According to the company, it will be the first dedicated treasury business for the Ethena ecosystem, which issues the USDe and USDtb stablecoins.

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.

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.

The PIPE deal was priced at $10 per share, with part of the proceeds allocated to discounted locked ENA purchased from a foundation subsidiary.

“The additional funding strengthens ecosystem resilience, deepens ENA liquidity, and supports the sustainable growth of USDe, USDtb, and future Ethena products,” Marc Piano, director at the Ethena Foundation, said in a statement.

The announcement follows a July 21 disclosure that outlined TLGY and StablecoinX’s proposed merger, an initial $360 million PIPE financing, and a $260 million ENA buyback program.

Related: Race for global stablecoin rails heats up with Stripe, Fireblocks launches

Ethena stablecoin is setting records

Launched in early 2024 by Ethena Labs, the Ethena protocol issues synthetic dollar stablecoins such as USDe and USDtb, which are backed by a delta-neutral hedging model rather than traditional reserves.

The project is overseen by the Switzerland-based Ethena Foundation, which is responsible for governance and ecosystem development.

According to Binance Research’s September report, 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’s USDT and 38 months for Circle’s USDC.

Token Terminal data shows USDe supply has grown 31% in the past month, making Ethena the third-largest stablecoin issuer behind Tether and Circle.

Ethena has also generated over $500 million in cumulative revenue as of August, recently exceeding $13 million in weekly protocol earnings.

Binance Research attributed the increase to higher demand for USDe and returns from the project’s hedging model, which captures yield from crypto markets to maintain the stablecoin’s peg.

It also noted that Ethena’s fiat-backed stablecoin, USDtb, is being developed with a pathway to compliance under the recently enacted US GENIUS Act, which US President Donald Trump signed into law on July 18.

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StablecoinX to go public via SPAC merger, raising $360M for ENA treasury https://earlybirdsinvest.com/stablecoinx-to-go-public-via-spac-merger-raising-360m-for-ena-treasury/ https://earlybirdsinvest.com/stablecoinx-to-go-public-via-spac-merger-raising-360m-for-ena-treasury/#respond Mon, 21 Jul 2025 21:04:08 +0000 https://earlybirdsinvest.com/stablecoinx-to-go-public-via-spac-merger-raising-360m-for-ena-treasury/

StablecoinX, a new infrastructure company within the Ethena ecosystem, is going public through a merger with TLGY Acquisition Corp., securing $360 million to build a crypto corporate reserve anchored by the ENA token.

After the merger, the combined company will be called StablecoinX Inc., and plans to list its Class A shares on the Nasdaq stock exchange under the ticker symbol “USDE.” The new company will provide infrastructure and staking services for the Ethena protocol, while the Ethena Foundation will retain majority voting power in StablecoinX following the merger.

The deal includes a $360 million private investment in public equity, with $260 million in cash and $100 million in discounted, locked Ethena (ENA) tokens, the protocol’s native coin. Backers include the Ethena Foundation alongside Ribbit Capital, Pantera, Dragonfly, Galaxy Digital, Haun Ventures and Polychain, among others.

Ethena is currently the third-largest onchain stablecoin issuer, with its USDe token holding a market capitalization of approximately $6.1 billion, behind Tether’s USDt (USDT) at $162 billion and Circle’s USDC (USDC) at nearly $64 billion.

The merger is part of a five-year renewable partnership that ties StablecoinX to Ethena’s long-term development. A joint investment committee will oversee treasury operations, with the transaction expected to close in the fourth quarter of 2025.

Related: USDC issuer Circle debuts public trading on New York Stock Exchange

Inside stablecoinX’s ENA treasury strategy

In a press statement from StablecoinX, TLGY Acquisition Corp. and the Ethena Foundation, the companies explained their ENA treasury strategy.

Starting immediately, $260 million in cash will be used to buy locked ENA tokens via a Token Purchase Agreement. The Ethena Foundation will initiate a buyback of ENA tokens on public markets over the next six weeks of about $5 million a day, representing nearly 8% of ENA’s circulating supply at current prices.

The goal is for StablecoinX to build a long-term treasury by locking up this supply and never selling the token.

The move mirrors the approach of Bitcoin treasury companies like Strategy, which accumulate BTC as a long-term store of value and strategic asset. Instead of Bitcoin, StablecoinX is building a reserve of ENA, giving shareholders public market exposure to the stablecoin market.

Related: Dubai regulator greenlights Ripple’s RLUSD stablecoin

US regulation, Circle IPO signal mood shift around stablecoins

StablecoinX’s upcoming Nasdaq debut comes as US policymakers move toward more precise stablecoin regulation, and traditional finance begins embracing the sector through public offerings.

On Thursday, members of the US House of Representatives passed three pieces of crypto legislation, including a stablecoin bill that establishes reserve requirements and regulatory oversight for issuers, finally giving dollar-backed digital assets a formal legal framework in the US. The stablecoin bill was signed into law on Friday by President Trump, while the other two pieces of legislation will now head to the Senate for consideration.

Circle, the company behind USDC, went public in early June on Wall Street. Since then, its shares have surged more than 600% from its IPO price of $31.

Magazine: Bitcoin vs stablecoins showdown looms as GENIUS Act nears