StablecoinX and TLGY Acquisition Secure $530M for Ethena Merger
- StablecoinX and TLGY Acquisition have raised an additional $530 million, increasing total financing to $890 million.
- The merger will create StablecoinX Inc., which will manage over 3 billion ENA tokens from the Ethena protocol.
- The PIPE transaction was priced at $10 per share, involving new investors like YZi Labs and Brevan Howard.
- USDe, a stablecoin from the Ethena ecosystem, surpassed $12.6 billion in supply within ten months of launch.
- Ethena has generated over $500 million in cumulative revenue as of August, with weekly earnings exceeding $13 million.
This funding aims to enhance liquidity for ENA and support the growth of USDe and USDtb stablecoins within the Ethena ecosystem. The capital raised through this private investment in public equity (PIPE) transaction underscores significant institutional interest in digital assets.
The rapid growth of USDe highlights its position as a leading stablecoin, achieving a supply milestone faster than both Tether’s USDT and Circle’s USDC. (Source)
