StablecoinX Raises $530M to Support Ethena’s ENA Treasury Strategy
- Stablecoin X Assets Inc. and TLGY Acquisition Corp. secured $530 million in private investment, raising total funds to $890 million.
- The companies plan to merge and list on Nasdaq under the name StablecoinX with the ticker “USDE.”
- Funds will support a treasury strategy centered around Ethena’s ENA token, with StablecoinX expected to hold over three billion ENA.
- Investors include Brevan Howard, Susquehanna Crypto, IMC Trading, Dragonfly, and ParaFi.
- The Ethena Foundation announced a $310 million buyback program for ENA, increasing total purchases to $570 million.
- Rob Hadick of Dragonfly will chair a new advisory board focused on governance and shareholder value.
This significant funding round is aimed at establishing a dedicated treasury vehicle for the stablecoin protocol associated with Ethena’s token economy. The deal is expected to close in the fourth quarter of this year.
With the recent investment of $530 million, StablecoinX is poised to enhance its treasury strategy around ENA tokens significantly. (Source)
