StablecoinX raises $530M ahead of its Nasdaq debut, securing over $890M in total funding to support Ethena’s ENA token and stablecoins USDe and USDtb.
Author: Sahil Thakur
StablecoinX and TLGY Acquisition Corp. have raised an additional $530 million, bringing total commitments to $890 million. The funding comes just weeks before their planned merger and Nasdaq listing. Once the deal closes, the combined entity, StablecoinX Inc. – will become a key treasury holder in the Ethena ecosystem, managing over 3 billion ENA tokens.
These tokens are native to Ethena, the protocol behind synthetic stablecoins like USDe and USDtb.
The new funding came through a Private Investment in Public Equity (PIPE) deal. This structure allows companies to raise capital by offering discounted shares to institutional investors.
Fresh participants in this round include YZi Labs, Brevan Howard, Susquehanna Crypto, and IMC Trading. They joined returning investors like Dragonfly, ParaFi Capital, Maven11, Kingsway, Mirana, and Haun Ventures. Each share was priced at $10. A portion of the raised funds will go toward buying locked ENA tokens from a foundation-linked subsidiary at a discount.
Marc Piano, a director at the Ethena Foundation, said the deal enhances the project’s liquidity and strengthens its stablecoin infrastructure. He noted that the funding will help support the long-term growth of USDe, USDtb, and future Ethena products.
This latest update follows the July 21 filing, where TLGY and StablecoinX shared their plan to merge. At that time, they also unveiled a $360 million PIPE deal and a $260 million ENA buyback initiative. Now, with an additional $530 million secured, StablecoinX Inc. strengthens its position. It is now prepared to serve as the dedicated treasury arm for the Ethena ecosystem.
Ethena Labs introduced USDe and USDtb in early 2024. Unlike traditional stablecoins, USDe does not depend on fiat reserves. Instead, it maintains its peg using a delta-neutral hedging model that balances long and short market positions.
Oversight remains under the Ethena Foundation, a Switzerland-based organization responsible for governance and ecosystem growth.
Recent data from Binance Research highlights USDe’s rapid growth. It became the fastest stablecoin to surpass a $10 billion supply. By September, the supply had already reached $12.6 billion. For comparison, it took Tether’s USDT 88 months and Circle’s USDC 38 months to hit the same milestone.
Ethena’s revenue continues to climb. The protocol has now generated more than $500 million in total. In August alone, it earned over $13 million in weekly rewards. This momentum reflects rising demand for USDe and the consistent performance of its hedging mechanism.
At the same time, development continues on USDtb, Ethena’s fiat-backed stablecoin. The project is progressing with regulatory compliance in mind. It aligns with the U.S. GENIUS Act, signed into law by President Donald Trump in July. This legislation provides a clearer regulatory path for fiat-backed stablecoins operating in the United States.
| Company / Initiative | Amount Raised | Nature of Investment | Date (or Quarter) | Notes |
|---|---|---|---|---|
| Binance via MGX into crypto (World Liberty Financial stablecoin deal) | $2 billion | Institutional investment into crypto stablecoin initiative | Q1 2025 | Largest institutional crypto investment to date |
| Strive Funds | $750 million | VC funding into Bitcoin strategies | Q2 2025 | Among top crypto VC rounds in Q2 |
| Twenty One Capital | $585 million | VC funding into crypto/Bitcoin strategies | Q2 2025 | Major VC round in Q2 |
| Securitize | $400 million | Funding for real‑world asset (RWA) tokenization | Q2 2025 | Large venture capital raise |
| Ether Machine | $654 million | Private ether financing (crypto vehicle prep for Nasdaq) | September 2025 | Massive financing round |
| ReserveOne (SPAC with Blockchain.com & Kraken backing) | Up to $750 million | Equity and convertible debt for crypto holdings vehicle | July 2025 | Backing for crypto holding company’s Nasdaq listing |
| Circle Internet Group IPO | $1.1 billion | IPO proceeds | June 2025 | Stablecoin issuer’s public debut |
| Freedx (El Salvador exchange) | $50 million | Funding for global expansion / platform enhancement | January 29, 2025 | Crypto platform funding in early 2025 |
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