StablecoinX has successfully secured $530 million in funding to support its treasury closely linked to the Ethena protocol, as well as to buy back 3 billion ENA tokens. Following the completion of the deal, the company plans to list on the Nasdaq under the StablecoinX brand with the ticker USDE.
This is reported by Business • Media
Key Investors and Expansion of the ENA Buyback Program
The funding was conducted through a private placement (PIPE), resulting in StablecoinX’s investment portfolio reaching $890 million. Key investors in this round include Brevan Howard, Susquehanna Crypto, IMC Trading, as well as long-time partners Dragonfly and ParaFi.
The Ethena Foundation, in turn, announced the launch of a $310 million ENA buyback program, which, along with other announced purchases in the market, increases the total buyback volume to $570 million.
“The funds raised will be used to acquire ENA on public markets,” the organization stated.
Mark Piano, Director of the Ethena Foundation, emphasized that the deal aims to ensure long-term stability and growth of the ecosystem, as well as to enhance ENA liquidity and support future products, including the USDe and USDtb stablecoins.
Partnerships, Corporate Governance, and Development Strategy
According to Guy Yang, founder of Ethena Labs and advisor to StablecoinX, since the announcement of the initial PIPE funding, the circulation of USDe has exceeded $12 billion. The company has also partnered with Anchorage Digital Bank to launch USDtb in the domestic market, aiming to become the first stablecoin compliant with the new GENIUS law. Yang highlighted that ongoing funding for StablecoinX and expanded resources will contribute to the support and protection of the Ethena ecosystem.
To strengthen corporate governance, a new advisory board has been established, led by Rob Hedick (Dragonfly). The main tasks of the board will be to develop the governance model, foster partnerships, and enhance long-term value for shareholders.
The deal is expected to close in the fourth quarter of 2025. Following the merger, the company will begin trading on Nasdaq under the StablecoinX brand and ticker USDE.
Background of the Deal and Development of Ethena
This deal occurs against the backdrop of a challenging history of the Ethena Labs ecosystem. In early 2025, the company raised $100 million through a private sale of ENA tokens. In March, BaFin prohibited the issuance of the USDe stablecoin due to non-compliance with MiCA, leading to a 6.5% drop in the ENA price. In June, the regulator agreed with Ethena GmbH on a 42-day buyback plan for USDe, resolving claims from investors in Germany.
The launch of the USDtb stablecoin took place on December 16, 2024, and the current steps taken by the company are aimed at restoring trust in the Ethena ecosystem, enhancing liquidity, and expanding its influence in the digital asset market.