StablecoinX Secures $530M Investment o Back Ethena-Linked Treasury

Stablecoin X Assets Inc. and TLGY Acquisition Corp. have introduced they secured $530 million in new non-public funding in public fairness (PIPE) financing, increasing their battle chest to $890 million.

The elevate comes because the companies put together to merge and record on the Nasdaq below the StablecoinX identify below the ticker “USDE.” The funds will help a long-term treasury technique constructed round Ethena’s ENA token.

StablecoinX is anticipated to carry greater than 3 billion ENA, the businesses stated, including that the corporate is anticipated to be the primary devoted treasury car for the stablecoin protocol.

Investors embody Brevan Howard, Susquehanna Crypto, and IMC Trading, alongside repeat backers Dragonfly and ParaFi.

The Ethena Foundation is matching the trouble with a recent $310 million buyback program, bringing whole introduced purchases to $570 million. Proceeds shall be used to amass ENA on public markets.

To align their technique with market construction, StablecoinX shaped a brand new advisory board chaired by Rob Hadick of Dragonfly.

The board will concentrate on governance, partnerships, and long-term shareholder worth as the corporate hyperlinks public fairness capital with Ethena’s token economic system. The deal is slated to shut within the fourth quarter.

Meanwhile, ArkStream Capital has introduced it invested $10 million in Ethena Labs, constructing on an preliminary $5 million funding made late final 12 months.