TLGY, StablecoinX Raise $530M for ENA Reserve; Combined Firm Could Hold 3 Billion ENA Ahead of Nasdaq Listing

Ethena stablecoin: StablecoinX and TLGY raised $530 million via a PIPE to expand the ENA reserve, bringing total commitments to $890 million to buy ENA, boost liquidity and support USDe and USDtb ahead of a planned merger and Nasdaq listing.

• $530M PIPE closes to expand ENA reserve and buy digital assets

• Combined company will hold over 3 billion ENA and rebrand to StablecoinX Inc.

• New institutional backers include YZi Labs, Brevan Howard, Susquehanna Crypto and IMC Trading; PIPE priced at $10 per share.

Ethena stablecoin: StablecoinX and TLGY secure $530M PIPE to support ENA reserve and USDe liquidity — learn the details and investor list.

What is the Ethena stablecoin and how does the ENA reserve financing work?

Ethena stablecoin is a protocol that issues synthetic dollar stablecoins such as USDe and USDtb backed by a delta-neutral hedging model. StablecoinX and TLGY secured a $530 million PIPE to buy ENA tokens and build an ENA strategy reserve to deepen liquidity and support stablecoin stability ahead of a merger.

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How did StablecoinX and TLGY raise $530 million and who invested?

The capital was raised through a private investment in public equity (PIPE) priced at $10 per share. New institutional investors include YZi Labs, Brevan Howard, Susquehanna Crypto and IMC Trading, with returning backers Dragonfly, ParaFi Capital, Maven11, Kingsway, Mirana and Haun Ventures. Part of proceeds fund discounted locked ENA purchases from a foundation subsidiary.

TLGY and StablecoinX raised an additional $530 million in financing for its ENA strategy reserve.

StablecoinX and TLGY Acquisition have secured an additional $530 million in financing to buy digital assets, taking total committed capital to $890 million as they prepare to merge and pursue a Nasdaq listing. The merged entity will operate as StablecoinX Inc. and hold a reported position exceeding 3 billion ENA tokens.

The PIPE structure allows public companies to raise capital by issuing discounted shares to institutional investors. The deal was priced at $10 per share. Management states proceeds will be allocated toward acquiring ENA, increasing market liquidity for ENA, and supporting the growth of Ethena-issued stablecoins USDe and USDtb.

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Marc Piano, director at the Ethena Foundation, said the financing “strengthens ecosystem resilience, deepens ENA liquidity, and supports the sustainable growth of USDe, USDtb, and future Ethena products.” The announcement follows an earlier disclosure detailing a $360 million initial PIPE and a $260 million ENA buyback program announced in July.

Why does ENA liquidity matter for USDe and USDtb?

ENA liquidity is central to Ethena’s treasury model because the reserve underpins the protocol’s ability to implement its delta-neutral hedging and peg-maintenance strategies. Increased ENA reserves improve market depth, reduce slippage on large trades, and provide a capital buffer to support USDe and USDtb peg stability during volatile markets.

How large is USDe growth compared to other stablecoins?

According to independent industry reports, USDe reached $12.6 billion in supply in under ten months, faster than legacy stablecoins: Tether’s USDT reached the same milestone in about 88 months and Circle’s USDC in about 38 months. Token Terminal data shows USDe supply rose 31% in the prior month, placing Ethena as the third-largest stablecoin issuer by supply behind Tether and Circle.

USDe stablecoin supply. Source: Token Terminal

What does the $530M PIPE mean for the merger and Nasdaq listing?

The additional $530 million increases committed capital to $890 million, underscoring investor confidence ahead of the proposed TLGY and StablecoinX merger and target Nasdaq listing. The funding provides transactional capital to execute the ENA buy program and supports balance-sheet positioning required for public-market readiness.

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