StablecoinX Raises $530 Million to Buy Back ENA and List on Nasdaq
Date: 2025-09-08 Author: Gabriel Deangelo Categories: BUSINESS
StablecoinX, together with TLGY Acquisition Corp., completed a private placement (PIPE), raising $530 million and increasing the total investment pool to $890 million. These funds will be used to purchase approximately 3 billion ENA tokens, which, according to management, will strengthen the project's treasury and provide additional support for the Ethena ecosystem.
The Ethena Foundation also announced the launch of a $310 million ENA token buyback program. Taking into account previously announced initiatives, the total volume of repurchases in the market will reach $570 million. The organization emphasized that the funds will be used exclusively for the purchase of assets on public platforms.
Ethena Foundation CEO Mark Piano noted that the July agreements on token locking mechanisms and strategic partnerships were aimed at creating long-term stability. According to him, the new funding will provide deeper liquidity for ENA and create conditions for the sustainable development of USDe, USDtb, and future products.
Ethena Labs co-founder and StablecoinX advisor Guy Yang added that USDe turnover has more than doubled since the initial PIPE announcement, reaching $12 billion. He also recalled the collaboration with Anchorage Digital Bank, which should bring USDtb to the US market and make the stablecoin compliant with the new GENIUS law. According to him, the presence of permanent capital and expanded resources of StablecoinX will help strengthen Ethena's mission.
The combined structure is scheduled to enter the Nasdaq exchange in the fourth quarter of 2025. The company will be presented under the StablecoinX brand with the USDE ticker.
To improve corporate governance, an advisory board has been created, led by Rob Hedick from Dragonfly. The new body will focus on partnerships, governance model, and creating long-term value for shareholders.
The event was an important step against the backdrop of a difficult history of the project. In early 2025, Ethena Labs managed to raise $100 million by selling ENA, but in March BaFin banned the issuance of USDe, citing non-compliance with MiCA standards. This led to a decrease in the token rate by almost 6.5%. In June, a 42-day buyback plan for USDe was agreed upon, which allowed investors in Germany to resolve their claims.
Now, the combination of large funding, ENA buyback, and growing USDe turnover is perceived by the market as a chance to restore confidence in the Ethena ecosystem and strengthen its future.
