StablecoinX and TLGY Acquisition secured $530 million via a PIPE deal, expanding total commitments to $890 million, strengthening Ethena’s ecosystem resilience and positioning StablecoinX as its first treasury firm.
StablecoinX and TLGY Acquisition raised an additional $530 million through a PIPE deal, pricing shares at $10 each, lifting total commitments to $890 million ahead of a Nasdaq listing. The merged StablecoinX Inc. will hold over 3 billion ENA tokens as Ethena’s first treasury firm. Ethena’s ecosystem has grown rapidly, with USDe supply reaching $12.6 billion and cumulative revenue surpassing $500 million. Weekly earnings topped $13 million, while the GENIUS Act, signed by President Trump, supports further expansion of dollar-pegged stablecoins like USDe and USDtb. Marc Piano of the Ethena Foundation emphasized the new capital will strengthen liquidity and sustainable growth.