StablecoinX and TLGY Acquisition have secured an additional $530 million in financing for their ENA strategy reserve, bringing total commitments to $890 million in anticipation of a merger and Nasdaq listing. The new company, to be renamed StablecoinX Inc., will hold over 3 billion ENA, the native token of the Ethena protocol. This financing is part of a private investment in public equity (PIPE) transaction aimed at bolstering the Ethena ecosystem, which also issues the USDe and USDtb stablecoins. New investors include notable firms like YZi Labs and Brevan Howard, and the PIPE transaction was priced at $10 per share. The funding will enhance ecosystem resilience, liquidity, and support sustainable growth for Ethena products. USDe recently became the fastest stablecoin to surpass $10 billion in supply, reaching $12.6 billion in under ten months. Ethena's innovative hedging model and fiat-backed stablecoin, USDtb, are also noteworthy developments within the protocol.

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