StablecoinX Secures $530M to Buy Digital Assets Ahead of Nasdaq Debut
StablecoinX and TLGY Acquisition have raised an extra $530 million to increase digital asset holdings, pushing whole commitments to $890 million forward of a deliberate Nasdaq itemizing.
The funding comes via a PIPE deal (personal funding in public fairness), pricing shares at $10 every, with proceeds partly used to purchase discounted locked ENA tokens from a basis affiliate.
StablecoinX to Hold 3B ENA as Ethena’s First Treasury Firm
The merged entity, to be named StablecoinX Inc., will maintain greater than 3 billion ENA, the native asset of the Ethena protocol, making it the primary devoted treasury enterprise for the Ethena ecosystem.
Ethena points artificial stablecoins USDe and USDtb, backed not by fiat reserves however a delta-neutral hedging mannequin designed to keep stability whereas capturing yield from crypto markets.
Backers of the PIPE spherical embody YZi Labs, Brevan Howard, Susquehanna Crypto, and IMC Trading, alongside returning traders Dragonfly, ParaFi Capital, Maven11, Kingsway, Mirana, and Haun Ventures.
Marc Piano, director on the Ethena Foundation, stated the added capital would “strengthen ecosystem resilience, deepen ENA liquidity, and help the sustainable development of USDe, USDtb, and future Ethena merchandise.”
The announcement builds on a July 21 submitting that detailed the preliminary $360 million PIPE dedication and a $260 million ENA buyback.
According to Binance Research, USDe grew to become the quickest stablecoin to cross $10 billion in provide, reaching $12.6 billion as of September, quicker than each Tether’s USDT and Circle’s USDC.
Ethena now ranks because the third-largest stablecoin issuer, trailing solely Tether and Circle. Token Terminal knowledge exhibits a 31% enhance in USDe provide over the previous month, whereas cumulative income surpassed $500 million by August.
Weekly earnings just lately topped $13 million, largely pushed by market demand and the protocol’s yield-capturing construction.
Meanwhile, USDtb, Ethena’s fiat-backed stablecoin, is being developed beneath the compliance framework of the GENIUS Act, signed into legislation by President Trump on July 18.
The Switzerland-based Ethena Foundation continues to oversee protocol governance and ecosystem growth.
Trump-Backed GENIUS Act Boosts US Push for Dollar-Pegged Stablecoins
The latest passage of the GENIUS Act, signed by President Trump, goals to cement the greenback’s dominance by backing dollar-pegged stablecoins in world markets.
The Treasury Department expects the stablecoin market to exceed $2 trillion by 2028, a projection that locations better emphasis on liquidity, interoperability, and regulatory alignment throughout the ecosystem. Tether’s newest transfer underscores a practical shift towards that future.
As reported, Ripple CEO Brad Garlinghouse has stated the stablecoin sector is poised for explosive development, projecting the market might balloon from its present $250 billion capitalization to as much as $2 trillion within the close to future.
“Many folks assume it can attain $1 to $2 trillion in a handful of years,” Garlinghouse stated, including that Ripple is positioned to profit from that trajectory.
Meanwhile, Western Union is positioning itself for a brand new part of digital transformation, signaling strong interest in using stablecoins to modernize its world remittance operations.
CEO Devin McGranahan has outlined how stablecoins might streamline cross-border transfers, enhance forex conversion in underserved markets, and supply monetary instruments for populations grappling with unstable native currencies.
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