StablecoinX Secures $530M PIPE, Expands Treasury Strategy to $890M
StablecoinX Secures $530M PIPE, Expands Treasury Strategy to $890M
Key Takeaways
StablecoinX Assets Inc. and TLGY Acquisition Corp. have announced the closing of a new $530 million PIPE financing round. The raise boosts their total commitments to $890 million, making it one of the largest PIPE rounds in the digital asset sector to date.
The capital will back a multi-year treasury strategy centered on Ethena’s ENA token. StablecoinX said it expects to acquire and hold over 3 billion ENA, establishing the company as the first treasury vehicle dedicated exclusively to the Ethena ecosystem.
The move comes as StablecoinX prepares to merge with TLGY Acquisition Corp. and list on the Nasdaq under the ticker symbol “USDE.” By entering public markets, the company will give traditional investors exposure to an equity vehicle linked directly to a fast-growing stablecoin protocol.
The PIPE financing drew participation from some of the biggest institutional players in the digital asset and trading industries.
Key backers include:
Repeat investors Dragonfly and ParaFi also returned, signalling strong confidence in StablecoinX’s strategy and execution. The presence of these backers reflects growing institutional appetite for infrastructure and treasury plays in the crypto economy.
StablecoinX describes itself as a validator and infrastructure provider for Ethena, a protocol designed around synthetic stablecoins and real-world yield. By becoming the first dedicated treasury vehicle for the protocol, the company aims to stabilise Ethena’s ecosystem with institutional-grade reserves.
The capital will be deployed to buy and hold ENA, creating long-term stability for Ethena’s market structure. This approach mirrors corporate treasury strategies in traditional finance, where firms accumulate assets like gold or foreign currencies as a reserve base.
The merger with TLGY and subsequent Nasdaq listing are scheduled to close in the fourth quarter of 2025.
The financing is more than a capital injection — it is a strategic realignment of Ethena’s token economy. By linking public equity with ENA, StablecoinX is creating a hybrid structure that ties traditional market capital to decentralised token infrastructure.
For Ethena, this provides three key benefits, including liquidity and depth, institutional validation, and long-term holding structure. Similar to how corporate treasuries manage reserves, this vehicle anchors ENA with strategic, non-speculative capital.
The StablecoinX initiative highlights the growing use of treasury-backed models in the digital asset industry. Unlike speculative trading strategies, treasury vehicles aim to accumulate and hold core protocol tokens for long-term stability.
The momentum is not limited to StablecoinX. ArkStream Capital has expanded its stake in Ethena Labs, adding $10 million in new capital to its previous $5 million allocation.
Together, these moves illustrate how venture funds, hedge funds, and infrastructure operators are aligning behind Ethena as one of the most promising stablecoin projects of 2025.
The Ethena Foundation’s $310 million buyback program further reinforces this trend. By purchasing ENA directly on secondary markets, the foundation is signaling strong confidence in long-term adoption and sustainability.
Despite the large-scale financing, risks remain. Bitcoin and Ethereum’s volatility has shown how quickly markets can turn against leveraged or treasury-heavy strategies.
For StablecoinX, potential challenges include:
Nonetheless, the $890 million financing signals deep institutional confidence in Ethena’s stablecoin model and StablecoinX’s ability to manage large-scale treasury reserves.
Perhaps the most significant aspect of the StablecoinX strategy is its dual alignment with public equity and token markets.
By trading on Nasdaq while also serving as Ethena’s treasury backbone, StablecoinX provides a novel pathway for traditional investors to gain exposure to crypto infrastructure without directly holding tokens.
