StablecoinX Lands $530 Million Investment

Stablecoin X Assets Inc. and TLGY Acquisition Corp. have secured a significant $530 million private investment (PIPE) to bolster their treasury strategy, bringing their total funds to $890 million. This comes as the companies are finalizing their merger and Nasdaq listing under the ticker “USDE.”

The investment will be used to support a long-term treasury strategy focused on Ethena's ENA token. StablecoinX anticipates holding over 3 billion ENA, positioning itself as the first dedicated treasury vehicle for the Ethena stablecoin protocol.

Key Investors and Strategy

The funding round attracted notable investors, including Brevan Howard, Susquehanna Crypto, IMC Trading, Dragonfly, and ParaFi. The Ethena Foundation is complementing this effort with a $310 million buyback program, bringing total announced purchases to $570 million for acquiring ENA on public markets.

To optimize market alignment, StablecoinX has established a new advisory board led by Rob Hadick of Dragonfly. This board will concentrate on governance, partnerships, and maximizing long-term shareholder value by connecting public equity capital with Ethena’s token economy. The deal is expected to close in the fourth quarter.

ArkStream Capital Increases Ethena Labs Investment

Separately, ArkStream Capital has increased its investment in Ethena Labs by $10 million, building upon an initial $5 million investment made in late 2023.

Key Takeaways

• StablecoinX secured $530M in funding to support an Ethena-linked treasury.
• The company plans to hold over 3 billion ENA tokens.
• The Ethena Foundation is executing a $310M buyback program.
• ArkStream Capital increased its investment in Ethena Labs.
• Institutional interest in Ethena and DeFi is growing.