Stablecoinx and TLGY Acquisition obtained additional funding of $ 530 million to buy digital assets, bringing total commitments to 890 million dollars before a planned merger and registration in the NASDAQ.
The combined company, which will be renamed Stablecoinx Inc., should contain more than 3 billion ENA, the native token of the Ethena protocol. According to the company, it will be the first cash company dedicated to the Ethena ecosystem, which emits the stables of the USDE and the USDTB.
The capital has been lifted by a private investment in the public equity transaction (PIP), which allows public companies to lift capital by selling stocks at reduced prices for institutional investors.
New investors in the company include Yzi Labs, Brevan Howard, Susquehanna Crypto and IMC Trading, as well as Dragonfly donors, Parafi Capital, Maven11, Kingsway, Mirana and Haun Ventures.
https://www.youtube.com/watch?v=ry9mi57pbjs
The pipe was at a price of $ 10 per share, with part of the product allocated to ENA locked at a reduced price purchased from a subsidiary of the Foundation.
“Additional funding strengthens the resilience of ecosystems, deepens the liquidity of the ENA and supports the sustainable growth of USDE, USDTB and Futures products,” said Marc Piano, director of the Ethena Foundation, in a statement.
The announcement follows a disclosure of July 21 which described the merger proposed by Tlgy and Stablecoinx, initial pipe funding of $ 360 million and an ENA buyout program of $ 260 million.
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Launched at the beginning of 2024 by Ethena Labs, the Ethena protocol issues staboins in synthetic dollars such as the USDE and the USDTB, which are supported by a neutral coverage model at the Delta rather than by traditional reserves.
The project is supervised by the Ethena foundation based in Switzerland, which is responsible for the governance and development of ecosystems.
According to Binance Research’s September report, the USDE has become the fastest stable to exceed the supply of $ 10 billion, reaching $ 12.6 billion in September. The report noted that the milestone was less than ten months old, against around 88 months for the Tether USDT and 38 months for the Circle’s USDC.
The data on the TOKEN terminal show that the supply of USDE increased by 31% in the last month, making Ethena the third stablecoin transmitter in greater behind Tether and Circle.
Ethena also generated more than $ 500 million in cumulative income in August, recently exceeding $ 13 million in weekly profits.
Research in Binance has attributed the increase to higher USDE demand and yields of the project coverage model, which captures the yield of cryptographic markets to maintain the ankle of the Stablecoin.
He also noted that Fiat d’Ethena’s stablecoin, USDTB, is being drawn up with a compliance under the recently promulgated American engineering law, which US President Donald Trump reported on July 18.
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