- StablecoinX and TLGY raise $890M total to build a dedicated treasury for Ethena’s ENA token and stablecoin ecosystem.
- New and existing investors joined the PIPE financing, supporting Ethena’s USDe which now circulates over $12 billion.
StablecoinX and TLGY Acquisition Corp. have obtained an additional $530 million through private investment. This capital increases their total secured funding to $890 million. The investment represents a private placement transaction in public equity. This type of financing is generally identified by the acronym PIPE. The agreement facilitates a proposed merger between the two corporate entities.
TLGY operates as a special purpose acquisition company. Its primary function involves combining with private companies to take them public. The merger with StablecoinX will establish a new corporate treasury focused on ENA tokens. This entity would become the first specialized treasury company supporting the Ethena stablecoin network. Official documents indicate the financing valued shares at ten dollars each.
Several institutions and trading firms, including YZi Labs and Susquehanna Crypto, participated in the funding round. Similarly, other investors from the initial financing strengthened their investments.
The merged company plans to pursue a listing on the NASDAQ exchange. It intends to use the trading symbol USDE. Public market investors would gain access to the combined entity through this listing. Proceeds from the financing will assist Ethena’s stablecoin operations. Development of blockchain-based currency systems will also receive funding.
Completion of the transaction is expected by the conclusion of 2025. TLGY Chief Executive Officer Young Cho provided remarks regarding the financing. He stated the funds would increase StablecoinX’s reserve of ENA tokens. Cho characterized the investment as validation of their corporate strategy.
“The Additional PIPE financing provides capital to expand StablecoinX’s future ENA holdings and reflects strong investor conviction in our unique strategy, which provides investors direct exposure to the growth of stablecoins and one of the most exciting digital dollar ecosystems in Ethena.” – Young Cho, CEO of TLGY
Young of Ethena Labs indicated higher adoption of the USDe stablecoin. Circulation has grown beyond twelve billion dollars since initial funding discussions. Ethena Labs formed a partnership with Anchorage Digital Bank.
This cooperation seeks to establish USDtb as a domestically compliant stablecoin. Young suggested this could become the first stablecoin adhering to the new GENIUS Act regulations.
Ethena (ENA) is trading at $0.736, reflecting a 11.3% price increase in the last 24 hours and 11.5% growth over the past week. The token’s 24-hour trading volume reached $1.2 billion, suggesting a strong surge in market activity.
The market capitalization is currently estimated at $5.07 billion, with a circulating supply of approximately 6.89 billion ENA tokens. ENA trades well above its historical low of $0.1951, and currently sits about 51% below its all-time high of $1.52.
Technically, ENA is approaching a local resistance zone around $0.76–$0.78, where prior sell-offs have occurred. If this range is broken with sustained volume, analysts see a breakout potential toward the $0.80–$0.85 levels in the short term.
The current trading zone between $0.659 and $0.761 has served as a consolidation corridor over the past 48 hours. Price action appears to be supported by increasing liquidity across major platforms such as Binance, MEXC, and LBank.
Fundamentally, the project received a series of financial boosts this week. StablecoinX announced an additional $530 million in PIPE funding, raising its ENA-linked treasury backing to $895 million.
This is coupled with plans for a $310 million token buyback, which represents nearly 20% of the circulating supply. Separately, ArkStream Capital added $10 million in fresh capital to Ethena Labs for further development of its DeFi infrastructure.
Ethena’s synthetic dollar product, USDe, has also gained traction, with Total Value Locked (TVL) climbing to over $12.7 billion. The growth in USDe usage and ENA financing may contribute to further price stability or upside if demand remains consistent.
Assuming current momentum holds, ENA could reach $0.795 within the next 7 trading sessions. A failure to clear resistance may return the token to the $0.705 support level.
