Stablecoin X Assets Inc. and TLGY Acquisition Corp. have collectively announced a significant $530 million influx in private investment through a public equity (PIPE) financing. This capital boost brings their total funding to a substantial $890 million as the companies approach their merger and prepare for a listing on Nasdaq under the name StablecoinX, with the ticker symbol “USDE.”
This financing round is strategically aimed at supporting a long-term treasury strategy centered around Ethena’s ENA token. The companies have indicated that StablecoinX is set to manage over 3 billion ENA tokens, positioning itself as a pioneering dedicated treasury vehicle for the stablecoin protocol in the market.
Notable investors participating in this round include Brevan Howard, Susquehanna Crypto, and IMC Trading, alongside established supporters Dragonfly and ParaFi. In a complementary effort, the Ethena Foundation has initiated a robust $310 million buyback program, contributing to a total of $570 million in announced purchases, which will be leveraged to acquire ENA tokens on the public market.
To better align their strategic initiatives with market dynamics, StablecoinX has established a new advisory board, headed by Rob Hadick from Dragonfly. This board will prioritize governance, partnership development, and enhancing long-term shareholder value, thereby intertwining public equity capital with Ethena’s token economy.
The closing of this significant transaction is anticipated in the fourth quarter. Additionally, ArkStream Capital has disclosed a $10 million investment in Ethena Labs, further building upon an earlier investment of $5 million made late last year, signaling ongoing confidence in the evolving landscape of stablecoin and blockchain technologies.
