StablecoinX and TLGY Acquisition have raised an additional $530 million in funding for the ENA strategy reserve, increasing total commitments to $890 million ahead of a planned merger and Nasdaq listing. The forthcoming entity will be known as StablecoinX Inc. and will manage over 3 billion ENA, the native token of the Ethena protocol. This marks the establishment of the first dedicated treasury business for the Ethena ecosystem, which supports USDe and USDtb stablecoins. The capital was raised through a private investment in public equity (PIPE) transaction priced at $10 per share. Investors include notable firms like YZi Labs and Brevan Howard. The funding aims to enhance ecosystem resilience, improve ENA liquidity, and promote the sustainable growth of Ethena's stablecoins. USDe recently became the fastest stablecoin to surpass $10 billion in supply, reaching $12.6 billion within ten months, highlighting the growing demand and success of Ethena's hedging model.

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