StablecoinX Raises $890 Million to Build Massive Ethena Token Treasury

The companies raised an additional $530 million through a private investment deal, bringing their total commitments to $890 million. Once merged, the new company will hold over 3 billion ENA tokens and become the first dedicated treasury business for the Ethena ecosystem.

The latest $530 million came from a private investment in public equity (PIPE) transaction. These deals let public companies raise money by selling discounted shares to big investors. The shares sold for $10 each.

Top investment firms joined the funding round. New backers include YZi Labs, Brevan Howard, Susquehanna Crypto, and IMC Trading. Returning investors brought back Dragonfly, ParaFi Capital, Maven11, Kingsway, Mirana, and Haun Ventures.

TLGY, a special purpose acquisition company, will merge with StablecoinX Assets Inc. The combined company will be called StablecoinX Inc. and plans to list on the Nasdaq stock exchange under the ticker symbol “USDE.” The deal should close by late 2025.

Source: @stablecoin_x

The Ethena Foundation added even more support with a $310 million token buyback program. This brings total purchases to $570 million, showing strong commitment from the ecosystem’s leadership.

Ethena’s USDe stablecoin has broken multiple records. The token became the fastest stablecoin ever to reach $10 billion in supply, hitting $12.6 billion by September 2025. This happened in under 10 months – much faster than Tether’s USDT (88 months) or Circle’s USDC (38 months).

The protocol now ranks as the third-largest stablecoin globally, trailing only USDT and USDC. USDe commands over 4% of the entire stablecoin market.

Ethena Labs has generated impressive revenue. The protocol crossed $500 million in total earnings, with $13.4 million earned just last week. The USDe supply hit an all-time high of $11.7 billion.

The growth comes from USDe’s unique design. Unlike traditional stablecoins backed by cash, USDe uses a delta-neutral hedging strategy with staked Ethereum as collateral. This approach lets holders earn yields while maintaining price stability.

Big investors are flocking to Ethena’s ecosystem. The active USDe community grew to over 757,000 users across 24 different blockchain platforms by August 2025. The stablecoin’s supply jumped by $2.73 billion, outpacing major competitors.

Crypto billionaire Arthur Hayes, co-founder of BitMEX, has highlighted ENA as having significant upside potential. Market analysts believe the stablecoin sector could expand dramatically as traditional stablecoin issuers face new yield restrictions under recent regulations.

Current USDe holders can earn yields through the protocol’s staking mechanism. These returns come from Ethereum staking rewards and funding rate arbitrage in derivatives markets. Yields fluctuate based on market conditions.

The platform has formed key partnerships with major DeFi protocols like Aave and Pendle. These integrations help USDe offer competitive yields while expanding its reach across the decentralized finance ecosystem.

Ethena is building for long-term success through regulatory compliance. The team developed USDtb, a version that follows the new US GENIUS Act signed by President Trump in July 2025.

The company partnered with Anchorage Digital, the only federally chartered crypto bank in the United States. This relationship strengthens USDe’s credibility with regulators and institutional investors.

Ethena’s 2025 roadmap includes exciting new features. The team plans to launch a Telegram payments app, Apple Pay integration, and innovative stablecoin products. They will also introduce iUSDe in February, built on their existing synthetic dollar technology.

StablecoinX formed a strategic advisory board led by Rob Hadick from Dragonfly. The board will focus on governance, partnerships, and creating long-term value as the company connects traditional equity markets with Ethena’s token economy.

This $890 million investment creates the first public company dedicated to the Ethena ecosystem. StablecoinX will provide institutional and retail investors direct access to the growing stablecoin market through a regulated, transparent structure.

The deal comes as new regulations have banned traditional stablecoin issuers from paying yields, driving demand toward DeFi alternatives like USDe. This regulatory shift could fuel growth for yield-bearing stablecoins.