StablecoinX Secures $890M Total Funding for Strategic Ethena Investment

Major institutional backing positions new public entity as gateway to rapidly growing stablecoin ecosystem

NEW YORK, September 5, 2025 – StablecoinX Assets Inc. ^[2] has completed an additional $530 million ^[1] PIPE financing round ^[19], bringing its total capital raise to $890 million ^[3] as the company prepares to become a publicly traded vehicle focused on the Ethena ecosystem through a merger with TLGY Acquisition Corp.

The substantial funding round demonstrates growing institutional appetite for exposure to the stablecoin sector, with StablecoinX positioning itself as a unique entry point for traditional investors seeking access to digital dollar infrastructure.

Strategic Focus on Ethena Protocol

The combined company will operate under the name StablecoinX Inc. and pursue a multi-year accumulation strategy for ENA tokens, the native cryptocurrency of the Ethena protocol. Ethena currently ranks as the third-largest synthetic digital dollar issuer behind industry leaders Tether and Circle, having experienced significant growth with USDe circulation more than doubling since July 2025.

"This financing enhances StablecoinX's ability to pursue a deliberate, multi-year ENA accumulation strategy while giving public market investors transparent, well-governed access to the Ethena ecosystem," said Young Cho, CEO of TLGY Acquisition Corp ^[20] and CEO of StablecoinX Assets.

Understanding Ethena's Market Position

Ethena has emerged as a major force in the stablecoin sector through its innovative approach to synthetic dollar creation. The protocol operates USDe and USDtb ^[15], digital dollars that maintain their peg through sophisticated hedging mechanisms rather than traditional collateralization methods used by competitors like Tether (USDT) and Circle (USDC).

As the third-largest synthetic digital dollar issuer, Ethena has carved out a significant niche in the $150+ billion stablecoin market. The protocol's rapid growth trajectory is evidenced by USDe circulation more than doubling in recent months, demonstrating strong market adoption and utility across decentralized finance applications.

Ethena's differentiated approach involves using derivatives to hedge positions, allowing for potentially higher yields while maintaining dollar stability. This mechanism has attracted significant capital from both retail and institutional users seeking yield-bearing dollar exposure in the digital asset ecosystem.

Blue-Chip Institutional Backing

Ethena's credibility and growth trajectory have been significantly bolstered by backing from top-tier institutional investors across both traditional finance and crypto-native funds. The protocol's investor base includes major players such as Fidelity ^[16], Franklin Templeton ^[17], Dragonfly, Binance Labs, Bybit Ventures, OKX Ventures, and Deribit ^[18], demonstrating broad institutional confidence in Ethena's technology and market approach.

This diverse investor coalition spans traditional asset managers like Fidelity and Franklin Templeton—firms managing trillions in assets globally—alongside leading crypto venture funds and exchanges. The participation of BlackRock's BUIDL fund and Securitize further underscores the protocol's appeal to institutional capital seeking exposure to next-generation financial infrastructure.

The backing from established exchanges like Binance, Bybit, OKX, and Deribit also provides Ethena with crucial market-making partnerships and liquidity support, essential components for maintaining stablecoin stability and user confidence. This comprehensive institutional support network positions Ethena as one of the most well-capitalized and strategically backed protocols in the stablecoin sector.

Institutional Investor Participation

The additional PIPE financing attracted participation ^[6] from prominent crypto-focused investors including YZi Labs ^[4], Brevan Howard ^[5], Susquehanna Crypto ^[7], and IMC Trading ^[8]. The round also saw continued support from initial participants such as Dragonfly ^[9], ParaFi Capital ^[10], Maven11 ^[11], Kingsway ^[12], Mirana ^[13], and Haun Ventures ^[14].

The strong institutional backing reflects confidence in the stablecoin sector's growth trajectory and Ethena's positioning within the competitive landscape of digital dollar issuers.

Strategic Advisory Formation

To support its public market transition, StablecoinX has established a Strategic Advisory Board chaired by Rob Hadick, General Partner at Dragonfly. The advisory structure is designed to provide strategic counsel on ecosystem alignment, market structure, and governance best practices.

"There is clear demand for exposure to the secular growth of stablecoins, and StablecoinX will provide a new and unique access point for public market investors," Hadick noted regarding his advisory role.

Foundation Alignment and Market Strategy

The Ethena Foundation has structured the partnership to maintain long-term alignment between the protocol's development and StablecoinX's public shareholders. Marc Piano, Director at the Ethena Foundation, emphasized that the additional capital will "strengthen ecosystem resilience, deepen ENA liquidity, and support the sustainable growth of USDe, USDtb, and future Ethena products."

In a notable move to support market liquidity, the Ethena Foundation subsidiary intends to use cash proceeds from locked ENA token sales to purchase ENA across public markets through intermediary market makers.

Public Market Timeline

The transaction is expected to close in Q4 2025, subject to shareholder approval and customary closing conditions. Upon completion, StablecoinX's Class A common shares will trade on Nasdaq under the ticker symbol "USDE," providing retail and institutional investors with direct access to Ethena ecosystem exposure.

The substantial funding round and planned public listing represent a significant development in the intersection of traditional capital markets and decentralized finance infrastructure, as institutional investors seek regulated exposure to the rapidly evolving stablecoin sector.

StablecoinX will operate validator and infrastructure services for the Ethena protocol while building strategic ENA token reserves, positioning itself as both an infrastructure provider and investment vehicle in the growing digital dollar ecosystem.