What happened?
StablecoinX and TLGY Acquisition have secured an extra $530 million, increasing total commitments to $890 million. The funding was raised ahead of a planned Nasdaq listing and will partially be used to acquire discounted locked ENA tokens from a foundation affiliate. The merged entity, named StablecoinX Inc., will hold more than 3 billion ENA, becoming the first treasury business for the Ethena ecosystem.
Who does this affect?
This event directly affects StablecoinX, TLGY Acquisition, and their investors which include YZi Labs, Brevan Howard, Susquehanna Crypto, IMC Trading, Dragonfly, ParaFi Capital, Maven11, Kingsway, Mirana and Haun Ventures. Additionally, it also impacts the entire Ethena ecosystem as it strengthens its resilience and supports the sustainable growth of its products.
Why does this matter?
This matters because it paves the way for expanding digital asset holdings and the overall growth of the Ethena ecosystem. Furthermore, it furthers the position of Ethena’s synthetic stablecoins USDe and USDtb, backed by a delta-neutral hedging model rather than fiat reserves. This financing move has the potential to impact the global crypto market significantly.