StablecoinX Raises $890 Million for Ethena’s ENA Treasury Ahead of Merger

StablecoinX has secured an additional $530 million in funding, bringing the total investment to $890 million, ahead of its upcoming merger and Nasdaq listing. The combined entity will be known as StablecoinX Inc., managing over 3 billion ENA tokens – the native currency of the Ethena protocol. This move marks a significant step towards bolstering the Ethena ecosystem, which is responsible for issuing USDe and USDtb stablecoins. This capital influx was achieved through a private investment in public equity (PIPE) transaction, providing a flexible funding avenue for the unified entity.