The Stablecoinx and TLGY Acquisition have earned an additional $ 530 million in financing to buy digital assets, bringing total commitments to $ 890 million leading a planned integration list and NASDAQ.
The combined company, named Stablecoinx Inc., is set to hold more than 3 billion ENA, the native token of the Etherna protocol. According to In the company, it will be the first focus of Treasury’s business for the Etha Ecosystem, which releases USDE and USDTB Stablecoins.
The capital is raised through a private investment in the public equity (pipe) transaction, allowing public companies to raise capital by selling discounts sharing with institutional investors.
New investors in the company include Yzi Labs, Brevan Howard, Susquehanna Crypto, and IMC Trading, as well as the return of dragonfly, parafi capital, Maven11, Kingsway, Mirana and Haun ventures backets.
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The pipe deal is priced at $ 10 per portion, with part of the proceeds allocated to discount -locked ENA purchased from a foundation subsidiary.
“Further funds reinforce the resilience of the ecosystem, deepen the Ena’s liquidity, and support the sustainable growth of USDE, USDTB, and future Etherna products,” Marc Piano, director of the Ethhena Foundation, said in a statement.
The announcement complies with a disclosure of July 21 forming Tlgy and Stablecoinx’s proposed integration, an initial $ 360 million pipe financingand a $ 260 million ENA purchase program.
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Ethena Stablecoin sets records
Launched in early 2024 by Etherna Labs, the Eden Protocol issues are synthetic dollars stablecoins such as USDE and USDTB, supported by a delta-neutral hedging model than traditional reserves.
The project is administered by Switzerland based on the Ethhena Foundation, which is responsible for the management and development of the ecosystem.
According to Binance Research’s September ReportThe USDE has become the fastest Stablecoin to surpass the $ 10 billion supply, reaching $ 12.6 billion to September. The report noted that the milestone entered under ten months, compared to about 88 months for Tether’s USDT and 38 months for the Circle’s USDC.
The token terminal data shows the USDE supply has grown by 31% last month, making Ethena the third-largest stablecoin to give behind Tether and Circle.
Ethena also formed $ 500 million in combined -with income Until August, recently exceeded $ 13 million in the weekly protocol income.
Binance research has linked the increase in increased demand for the USDE and returns from the project’s modeling model, which gets yield from crypto markets to maintain the stablecoin peg.
It is also mentioned that Etherna’s Fiat-Back Stablecoin, USDTB, has developed a compliance path under recently US Genius Actthat US President Donald Trump signed in to law On July 18.
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