StablecoinX secures $890M for Ethena treasury ahead of TLGY merger

StablecoinX has secured an additional $530 million in funding, increasing its commitments to $890 million as it prepares to merge with TLGY Acquisition Corp.  The merger will be renamed to StablecoinX Inc., which will manage over three billion ENA tokens. 

TLGY, a special purpose acquisition company, and StablecoinX Assets Inc., a validator and infrastructure business supporting the Ethena ecosystem, announced the combined effort agreement. They are expected to finalize the merger in the fourth quarter of 2025.

StablecoinX Inc. will be the official name of the merger, with its class A common shares listed on Nasdaq under the ticker symbol USDE. The merger will be a dedicated treasury for the Ethena ecosystem, managing ENA tokens.

Ethena plans to launch USDtb following GENIUS Act clarity

The latest round attracted YZi Labs, Brevan Howard, Susquehanna Crypto, and IMC Trading with equity transactions priced at $10 per share. Returning investors such as Dragonfly, ParaFi Capital, Maven11, Kingsway, Mirana, and Haun Ventures were also attracted.

The company’s press release revealed that part of the generated income will be used to buy discounted ENA locked tokens through a subsidiary of Ethena.

Excited to see a successful follow on raise for StablecoinX of ~$530m which represents roughly 14% of the circulating market cap of $ENA.

To put this into perspective, this raise is the equivalent of:
i) Saylor raising ~$300b to buy BTC
ii) Tom Lee raising ~$75b to buy ETH… pic.twitter.com/dFkDw93nUi

— G | Ethena (@gdog97_) September 5, 2025

Marc Piano, the director of the Ethena Foundation, acknowledged that the funding will improve Ethena’s flexibility and increase liquidity. The funding adds to July’s $360 million through PIPE financing and $260 million from the buyback program, bringing the total buybacks to $570 million. 

USDe stablecoin has received rapid adoption since its launch in early 2024, with the current supply at 12.7 billion within 10 months. The stablecoin is considered the fastest-growing compared to USDT and USDC. CoinMarketCap data shows that USDe supply has grown by 31% to $12.7 billion and is regarded as the thirteenth largest stablecoin issue by market cap.

The Ethena ecosystem has also recorded strong financial performance, with over $500 million in cumulative revenue and weekly earnings exceeding $13 million. The protocol has also managed to maintain USDe’s peg through its delta-neutral hedging model, which collects yield from crypto markets. 

Ethena Foundation is also developing USDtb, a fiat-backed stablecoin, following the advancement in regulatory frameworks eased by the GENIUS Act, which Trump signed into law in July. The firm will partner with Anchorage Digital Bank to support USDtb. The GENIUS Act provides stablecoins with a defined regulatory framework, giving issuers official recognition, as reported by Cryptopolitan. 

StablecoinX forms advisory board to guide partnerships and governance 

StablecoinX has also formed an advisory board to advise on ecosystem alignment, market structure, partnerships, and governance. According to the statement, Rob Hadick, General Partner at Dragonfly, will chair the board. The firm has also agreed with Ethena Foundation that proceeds from the locked ENA token sales will be used to purchase ENA across the public markets via intermediaries. 

Guy Young, founder of Ethena Labs and advisor to StablecoinX, acknowledged that the combined efforts to expand resources will reinforce the long-term sustainability of the Ethena ecosystem. He added that the planned Nasdaq listing will mark a significant milestone in the stablecoin ecosystem.    

According to a report published by Cryptopolitan, stablecoin settlement volumes exceeded $1.5 trillion in July. The figure marked its highest monthly total since the start of 2025, mainly due to the passing of the GENIUS Act. According to Sentora analytics, January volumes stood at $950 billion but grew consistently, remaining above $1.2 trillion through July. 

USDC remained the leader in on-chain activity throughout 2025, with 40%-48% of DeFi transactions recorded. Tether recorded 20%-27%, and MakerDAO’s DAI accounted for 17%-33%. The three stablecoins represented more than 90% of monthly transactional volumes. USDC recorded a $63.85 billion market cap, which has currently grown to $72.54 billion. 

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