StablecoinX has expanded its financing commitment for Ethena’s ENA treasury to $890 million, further strengthening support for the project’s growth.

StablecoinX, together with TLGY Acquisition, has raised an additional $530 million in financing to expand its ENA strategy reserve, pushing total commitments to $890 million ahead of a planned merger and Nasdaq listing.

Following the merger, the combined entity will be renamed StablecoinX Inc. and will manage more than 3 billion ENA tokens, the native asset of the Ethena protocol. The company described this as the first dedicated treasury business for the Ethena ecosystem, which underpins the issuance of the USDe and USDtb stablecoins.

Related reporting: Joe Lubin predicts Ether could see a 100x surge as Wall Street shifts onto decentralized rails.

The new funding was secured through a private investment in public equity (PIPE) deal, a mechanism that allows public companies to raise capital by selling discounted shares directly to institutional investors. The deal was priced at $10 per share, with a portion of the proceeds allocated toward acquiring discounted, locked ENA tokens from a foundation subsidiary.

Several new institutional investors participated in the round, including YZi Labs, Brevan Howard, Susquehanna Crypto, and IMC Trading. They joined existing backers such as Dragonfly, ParaFi Capital, Maven11, Kingsway, Mirana, and Haun Ventures, who returned for this latest financing.

Marc Piano, director at the Ethena Foundation, said the new capital would provide critical support to the protocol. “The additional funding strengthens ecosystem resilience, deepens ENA liquidity, and supports the sustainable growth of USDe, USDtb, and future Ethena products,” he noted.

This announcement builds on earlier disclosures made on July 21, when TLGY and StablecoinX outlined their plans for the merger, an initial $360 million PIPE raise, and a $260 million ENA buyback program designed to support token stability. Together, the latest financing and strategic initiatives mark a major step forward in positioning Ethena’s ecosystem for long-term growth.

Ethena stablecoin achieves fastest $10B supply milestone.

The Ethena protocol, developed by Ethena Labs and launched in early 2024, has quickly become one of the fastest-growing projects in the stablecoin sector. Unlike traditional fiat-backed models, Ethena issues synthetic dollar-pegged stablecoins such as USDe and USDtb, which are supported by a delta-neutral hedging mechanism. This approach relies on capturing yields from crypto derivatives markets to maintain the stablecoin’s dollar peg, rather than holding large reserves of cash or government bonds.

Oversight of the project is handled by the Switzerland-based Ethena Foundation, which manages governance, ecosystem growth, and regulatory alignment. The foundation plays a key role in ensuring the protocol’s expansion remains sustainable while navigating the evolving legal landscape for digital assets.

According to a September report by Binance Research, USDe reached a milestone unmatched in the history of stablecoins, becoming the fastest to surpass a $10 billion supply. The token had reached $12.6 billion in circulation by that point—an achievement accomplished in under ten months. By comparison, Tether’s USDT took about 88 months to hit the same milestone, while Circle’s USDC reached it in around 38 months.

USDe stablecoin supply. Source: Token Terminal

Further data from Token Terminal shows that USDe supply has continued to expand rapidly, growing 31% in just the past month. This growth has elevated Ethena to the position of the third-largest stablecoin issuer globally, behind only Tether and Circle. The project’s pace of adoption reflects both rising demand for synthetic dollar assets and growing investor confidence in Ethena’s hedging model.

Ethena’s rapid scale-up has also translated into strong financial performance. As of August, the protocol had generated more than $500 million in cumulative revenue, with weekly earnings recently exceeding $13 million. Much of this revenue has been driven by the hedging model, which captures returns from crypto markets while reinforcing the dollar peg, making USDe attractive to users seeking yield-backed stability.

Binance Research attributed Ethena’s success to the dual forces of increased demand for USDe and the protocol’s ability to deliver returns while maintaining its peg. The report also highlighted Ethena’s development of a fiat-backed stablecoin, USDtb, which is being built with an explicit pathway to regulatory compliance. This move follows the introduction of the U.S. GENIUS Act, signed into law by President Donald Trump on July 18,

which established new guidelines for fiat-backed digital assets.

Together, these milestones underscore Ethena’s rise as both an innovator and a competitor in the global stablecoin market, positioning it as one of the most closely watched projects in the digital asset ecosystem.