TLGY, StablecoinX Raise $530M for ENA Reserve; Combined Firm Could Hold 3 Billion ENA Ahead of Nasdaq Listing

• $530M PIPE closes to expand ENA reserve and buy digital assets

• Combined company will hold over 3 billion ENA and rebrand to StablecoinX Inc.

• New institutional backers include YZi Labs, Brevan Howard, Susquehanna Crypto and IMC Trading; PIPE priced at $10 per share.

Ethena stablecoin: StablecoinX and TLGY secure $530M PIPE to support ENA reserve and USDe liquidity — learn the details and investor list.

What is the Ethena stablecoin and how does the ENA reserve financing work?

Ethena stablecoin is a protocol that issues synthetic dollar stablecoins such as USDe and USDtb backed by a delta-neutral hedging model. StablecoinX and TLGY secured a $530 million PIPE to buy ENA tokens and build an ENA strategy reserve to deepen liquidity and support stablecoin stability ahead of a merger.

How did StablecoinX and TLGY raise $530 million and who invested?

The capital was raised through a private investment in public equity (PIPE) priced at $10 per share. New institutional investors include YZi Labs, Brevan Howard, Susquehanna Crypto and IMC Trading, with returning backers Dragonfly, ParaFi Capital, Maven11, Kingsway, Mirana and Haun Ventures. Part of proceeds fund discounted locked ENA purchases from a foundation subsidiary.

TLGY and StablecoinX raised an additional $530 million in financing for its ENA strategy reserve.

StablecoinX and TLGY Acquisition have secured an additional $530 million in financing to buy digital assets, taking total committed capital to $890 million as they prepare to merge and pursue a Nasdaq listing. The merged entity will operate as StablecoinX Inc. and hold a reported position exceeding 3 billion ENA tokens.

The PIPE structure allows public companies to raise capital by issuing discounted shares to institutional investors. The deal was priced at $10 per share. Management states proceeds will be allocated toward acquiring ENA, increasing market liquidity for ENA, and supporting the growth of Ethena-issued stablecoins USDe and USDtb.

Marc Piano, director at the Ethena Foundation, said the financing “strengthens ecosystem resilience, deepens ENA liquidity, and supports the sustainable growth of USDe, USDtb, and future Ethena products.” The announcement follows an earlier disclosure detailing a $360 million initial PIPE and a $260 million ENA buyback program announced in July.

Why does ENA liquidity matter for USDe and USDtb?

ENA liquidity is central to Ethena’s treasury model because the reserve underpins the protocol’s ability to implement its delta-neutral hedging and peg-maintenance strategies. Increased ENA reserves improve market depth, reduce slippage on large trades, and provide a capital buffer to support USDe and USDtb peg stability during volatile markets.

How large is USDe growth compared to other stablecoins?

According to independent industry reports, USDe reached $12.6 billion in supply in under ten months, faster than legacy stablecoins: Tether’s USDT reached the same milestone in about 88 months and Circle’s USDC in about 38 months. Token Terminal data shows USDe supply rose 31% in the prior month, placing Ethena as the third-largest stablecoin issuer by supply behind Tether and Circle.

USDe stablecoin supply. Source: Token Terminal

What does the $530M PIPE mean for the merger and Nasdaq listing?

The additional $530 million increases committed capital to $890 million, underscoring investor confidence ahead of the proposed TLGY and StablecoinX merger and target Nasdaq listing. The funding provides transactional capital to execute the ENA buy program and supports balance-sheet positioning required for public-market readiness.

Will this change Ethena’s governance or product roadmap?

The Ethena Foundation, based in Switzerland, continues to oversee governance and ecosystem development. The infusion is intended to back existing stablecoins and future Ethena products rather than alter core governance structures, according to official statements attributed to foundation representatives.

Frequently Asked Questions

How will the ENA reserve be used to support USDe?

The ENA reserve will be used to increase liquidity, enable effective hedging, and provide a capital buffer that supports USDe’s peg through market cycles while the protocol captures yield via its delta-neutral model.

Who invested in the PIPE transaction?

New investors include YZi Labs, Brevan Howard, Susquehanna Crypto and IMC Trading. Returning backers listed by the issuer include Dragonfly, ParaFi Capital, Maven11, Kingsway, Mirana and Haun Ventures.

Is USDtb being positioned for regulatory compliance?

Ethena has indicated USDtb is being developed with a pathway to compliance under recent U.S. legislation, aligning product design with evolving regulatory frameworks.

Key Takeaways

• Major financing secured: StablecoinX and TLGY closed a $530M PIPE, raising total commitments to $890M.
• ENA reserve expansion: The combined firm will hold more than 3 billion ENA to deepen liquidity and support stablecoin stability.
• Market impact: USDe remains one of the fastest-growing stablecoins, with supply and protocol revenue accelerating demand.

Conclusion

The additional $530 million PIPE positions StablecoinX Inc. to be the dedicated treasury for the Ethena ecosystem, increasing ENA liquidity and bolstering USDe and USDtb stability. Watch for developments tied to the merger and Nasdaq listing as the protocol scales and adapts to regulatory shifts.

Published by COINOTAG — Updated: 2025-09-05