StablecoinX and TLGY Raise Another $530 Million in PIPE Financing for Ethena Treasury

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The deal between StablecoinX and TLGY for a business merger agreement and private investment in public equity (PIPE) financing has raised a total of $890 million. The deal started in July 2025 with $360 million in PIPE financing, and it recently added another $530 million. 

Why TLGY is Merging With StablecoinX?

TLGY, a special purpose acquisition company (SPAC), was created just to merge with and become StablecoinX, a crypto company.  It plans to build a large treasury of ENA tokens, and the main goal of the deal is to create the first pure-play treasury company focused on the Ethena stablecoin ecosystem. 

According to the official announcement, the participation includes both new and existing investors, and the financing was priced at $10 per share.

• New investors: YZi Labs, Brevan Howard, Susquehanna Crypto, and IMC Trading

• Existing investors from the initial PIPE: Dragonfly, ParaFi Capital, Maven11, Kingsway, Mirana, and Haun Ventures.

StablecoinX also wants to go public on NASDAQ under the ticker USDE, which will expand access to the public market investors. The funds it is raising will be used to grow the Ethena stablecoin business and support digital currencies issued on blockchain. 

The deal is expected to close in late 2025. 

StablecoinX Expands Future with ENA 

If the merger plan succeeds, StablecoinX would hugely benefit from the increasing global demand for digital dollars. It will also boost Ethena’s growth and adoption with long-term capital and institutional support.

Young Cho, CEO of TLGY, said, “The Additional PIPE financing provides capital to expand StablecoinX’s future ENA holdings and reflects strong investor conviction in our unique strategy, which provides investors direct exposure to the growth of stablecoins and one of the most exciting digital dollar ecosystems in Ethena.” 

“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,” he added. 

Ethena’s USDe Stablecoin Grows

Guy Young, founder of Ethena Labs and advisor to StablecoinX, said that since the announcement of early financing, Ethena’s USDe stablecoin circulation has grown to over $12 billion. 

He also stated that Ethena Labs has partnered with Anchorage Digital Bank to bring USDtb onshore. He believes it will become the first stablecoin to comply with the new GENIUS Act.