StablecoinX Secures $530 Million in PIPE Financing for Merger
Stablecoin X Assets Inc. and TLGY Acquisition Corp. secured $530 million in PIPE financing, increasing total funds to $890 million as they prepare to merge and list on Nasdaq under the ticker “USDE.”
- The financing will support a long-term treasury strategy centered around Ethena’s ENA token.
- StablecoinX plans to hold over 3 billion ENA, becoming the first dedicated treasury vehicle for the stablecoin protocol.
- Key investors include Brevan Howard, Susquehanna Crypto, IMC Trading, Dragonfly, and ParaFi.
- The Ethena Foundation announced a $310 million buyback program, raising total purchases to $570 million for acquiring ENA on public markets.
- A new advisory board, chaired by Rob Hadick of Dragonfly, will focus on governance and shareholder value.
- The merger closing is expected in the fourth quarter.
- ArkStream Capital invested an additional $10 million in Ethena Labs, following a previous investment of $5 million last year.