StablecoinX, a digital asset company, announced the raising of $530 million through a private placement (PIPE). This has increased the company’s total investment fund to $890 million.
This is reported by Finway
Buyback of ENA Tokens and Nasdaq Listing
The funds raised by StablecoinX will be directed towards the buyback of approximately 3 billion ENA tokens to support the treasury associated with the innovative Ethena protocol. StablecoinX positions itself as the first specialized instrument to support this ecosystem. The Ethena Foundation is additionally launching a $310 million ENA buyback program, bringing the total announced public purchases to $570 million.
“The funds raised will be used to acquire ENA on public markets,” the organization stated.
Upon completion of the deal, expected in the fourth quarter of 2025, the combined company structure will be listed on the Nasdaq under the brand StablecoinX and the ticker USDE.
New Partners, Management Changes, and Leader Comments
The funding round included notable market players such as Brevan Howard, Susquehanna Crypto, IMC Trading, as well as long-time partners Dragonfly and ParaFi. To enhance corporate governance, a new advisory board has been formed, led by Rob Hedick from Dragonfly. The board will focus on improving the governance model, developing partnerships, and ensuring long-term value for shareholders.
Mark Piano, Director of the Ethena Foundation, emphasized that the additional funding will strengthen the ecosystem, deepen ENA liquidity, and support the sustainable development of Ethena products, including the stablecoins USDe and USDtb.
Guy Yang, founder of Ethena Labs and advisor to StablecoinX, noted significant growth in USDe trading volume—more than doubling to over $12 billion—and announced a strategic partnership with Anchorage Digital Bank to promote USDtb in the domestic market. According to him, USDtb is set to become the first stablecoin with a clear path to compliance with the new GENIUS law. Continuous capital support from StablecoinX, Yang believes, will significantly enhance the Ethena ecosystem.
It is worth noting that the stablecoin USDtb was launched in December 2024. The new funding, large-scale buyback of ENA tokens, and growth in USDe trading volume are seen by the market as a crucial step towards increasing trust in the entire Ethena ecosystem.
Events Surrounding Ethena Labs in 2025
- In February 2025, Ethena Labs raised $100 million through a private sale of ENA.
- In March, the regulator BaFin banned the issuance of USDe due to “serious deficiencies” and non-compliance with MiCA requirements, leading to a 6.5% drop in ENA’s value.
- In June, BaFin agreed with Ethena GmbH on a 42-day buyback plan for the USDe stablecoins, which allowed for the settlement of investor claims in Germany.
Ongoing partnership development, increased USDe trading volume, and new investments may contribute to restoring trust in the innovative Ethena platform.