Key Highlights
- StablecoinX raises $530M to purchase 3B ENA tokens.
- Ethena launches $310M buyback to support ENA price.
- USDe circulation doubles to $12B with new partnerships.
StablecoinX Raises 530 Million to Boost Ethena Ecosystem
StablecoinX Assets Inc. and TLGY Acquisition Corp. announced they raised $530 million in a private placement (PIPE), bringing their investment fund to $890 million. These funds will be used to purchase approximately 3 billion ENA tokens, supporting the Ethena protocol.
Investors in this round include Brevan Howard, Susquehanna Crypto, IMC Trading, and long-time partners Dragonfly and ParaFi. This strategic capital injection marks a significant milestone in the expansion of the Ethena ecosystem.
Ethena Launches 310 Million ENA Buyback Program
The Ethena Foundation is launching a $310 million ENA buyback program, bringing total announced market purchases to $570 million. “The proceeds will be used to purchase ENA on the public markets,” the organization noted.
Mark Piano, Director of the Ethena Foundation, emphasized the long-term strategy:
“The partnership agreement and locked token mechanism we announced in July were created to ensure long-term alignment. This additional funding increases ecosystem sustainability, deepens ENA liquidity, and supports development of USDe, USDtb, and future Ethena products.”
Guy Yang, Ethena Labs founder and StablecoinX advisor, added, “Since the initial PIPE funding, USDe circulation has more than doubled to over $12 billion. Our partnership with Anchorage Digital Bank brings USDtb to the domestic market, aiming to be the first stablecoin with a clear path to compliance under the GENIUS Act. StablecoinX’s permanent capital and expanded resources will protect and support the Ethena ecosystem.”
The USDtb stablecoin was launched on December 16, 2024. The PIPE deal is expected to close in Q4 2025, after which the combined entity will be listed on Nasdaq under the StablecoinX brand and USDE ticker.
Strengthening Governance and Restoring Confidence
To bolster corporate governance, StablecoinX has created a new advisory board chaired by Rob Hedick (Dragonfly). The board will focus on governance model issues, strategic partnerships, and long-term shareholder value. Analysts believe that the new funding, combined with the ENA buyback and increased USDe circulation, could be a decisive step in restoring investor confidence in the Ethena ecosystem.
This development comes amid the complex history of Ethena Labs:
- February 2025: Raised $100M through a private ENA sale.
- March 2025: BaFin banned USDe due to deficiencies, causing ENA to drop 6.5%.
- June 2025: Regulator agreed on a 42-day USDe buyback plan, settling investor claims in Germany.
With these strategic moves, StablecoinX and Ethena demonstrate resilience and innovation, strengthening the ecosystem and creating a path for sustainable growth of digital assets.
