StablecoinX raised nearly $900 million and will become the official treasury of Ethena and log in to Nasdaq.

StablecoinX and TLGY Acquisition announced additional financing of $530 million through the PIPE protocol, bringing the total committed funds to $890 million in preparation for a planned NASDAQ listing. The combined entity will become the first dedicated treasury operation of the Ethena protocol, holding over 3 billion ENA. This move comes as the synthetic stablecoin USDe of the Ethena protocol is experiencing rapid growth, and with the recent passage of the GENIUS Act in the U.S. providing regulatory clarity for the stablecoin market, signaling that the sector is entering a new phase of development.

StablecoinX completes nearly $900 million in financing, becoming Ethena's first official treasury.

This financing is conducted through a PIPE (Private Investment in Public Equity) protocol, with a price of 10 USD per share. Part of the proceeds will be used to acquire locked ENA coins from affiliated entities of the Ethena Foundation at a discounted price. The merged company will be renamed StablecoinX Inc., and its core business will be to hold over 3 billion ENA, becoming the first dedicated treasury business in the Ethena ecosystem.

The USDe and USDtb issued by the Ethena protocol do not rely on fiat reserves, but instead maintain stability through a delta-neutral hedging model while capturing yields from the crypto market as synthetic stablecoins. The supporters of this PIPE financing round include Brevan Howard, Susquehanna Crypto, and IMC Trading, as well as previous investors such as Dragonfly, ParaFi Capital, Maven11, Kingsway, Mirana, and Haun Ventures.

Marc Piano, a director of the Ethena Foundation, stated that the new capital will “enhance the resilience of the ecosystem, deepen ENA liquidity, and support the sustainable growth of USDe, USDtb, and future Ethena products.” This financing marks another significant advancement following the announcement on July 21 of a $360 million initial PIPE commitment.

Ethena protocol data is strong, solidifying the position as the third largest stablecoin

According to industry report data, USDe has become the fastest stablecoin in history to break the supply of 10 billion USD, reaching 12.6 billion USD by September, a pace that even surpasses Tether's USDT and Circle's USDC. Currently, Ethena has surpassed FDUSD, becoming the third largest stablecoin issuer, following Tether and Circle.

According to data from Token Terminal, the supply of USDe has increased by 31% over the past month, and its cumulative revenue exceeded 500 million USD in August. Recently, the weekly revenue of the protocol once surpassed 13 million USD, mainly due to market demand and its unique revenue capture structure.

In addition, Ethena's fiat currency supports the stablecoin USDtb, which is being developed in accordance with the compliance framework of the U.S. GENIUS Act, signed into law by President Trump on July 18. The Ethena Foundation, based in Switzerland, continues to be responsible for the governance of the protocol and the expansion of the ecosystem.

Macroeconomic Environment Improves: New Legislation and Big Tech Outlook

The “GENIUS Act” signed by President Trump aims to strengthen the dollar's position in the global market by regulating dollar-pegged stablecoins. The U.S. Treasury expects the stablecoin market size to exceed $2 trillion by 2028.

This prediction has received widespread recognition in the industry. Ripple CEO Brad Garlinghouse has stated that the stablecoin market is on the verge of explosive growth, with its market value potentially skyrocketing from the current $250 billion to $2 trillion in the near future. Additionally, Western Union has also expressed a strong interest in using stablecoins to modernize its global remittance business. CEO Devin McGranahan believes that stablecoins can simplify cross-border transfers and provide financial tools in regions where local currencies are unstable.

Conclusion

The historic financing of StablecoinX is a microcosm of the stablecoin industry's entry into a new era. It not only demonstrates the enormous enthusiasm of institutional capital for the crypto market, but more importantly, it provides a solid financial foundation for innovative protocols like Ethena, ensuring their continued expansion. When the three key elements of institutional funding, regulatory clarity (the GENIUS Act), and technological innovation (the Ethena protocol) converge, a more mature, compliant, and large stablecoin market is taking shape. This signifies that stablecoins will no longer merely be tools in the crypto space, but will truly become a key bridge connecting traditional finance and the decentralized world, driving innovation in the global financial system.