StablecoinX Raises $530 Million to Support Ethena-Linked Treasury
The recent funding is earmarked for acquiring an estimated 3 billion ENA as part of a treasury strategy for the stablecoin protocol.
Overview
StablecoinX and TLGY Acquisition Corp. have successfully secured $530 million in investment. This financing expands their total funds to $890 million and is aimed at acquiring approximately 3 billion ENA tokens for a treasury strategy developed for the stablecoin protocol.
Important Points:
- The funds are vital for merging and listing on the Nasdaq under the ticker “USDE.”
- Investors include prominent firms such as Brevan Howard, Susquehanna Crypto, and Dragonfly, while the Ethena Foundation is executing a $310 million buyback initiative to further bolster their expenditures in acquiring ENA in public markets.
Strategic Moves
StablecoinX has established a new advisory board led by Rob Hadick of Dragonfly, who will oversee governance and partnership strategies aimed at long-term shareholder value. The deal is anticipated to close in the fourth quarter.
In addition, ArkStream Capital has invested $10 million in Ethena Labs, following an initial $5 million investment made late last year.
StablecoinX is poised to be the first dedicated treasury solution for the stablecoin protocol, marking a significant advancement in the sector.
