6 hours ago
Stablecoin X Assets Inc. and TLGY Acquisition Corp. person announced they secured $530 cardinal successful caller backstage concern successful nationalist equity (PIPE) financing, expanding their warfare thorax to $890 million.
The rise comes arsenic the firms hole to merge and database connected the Nasdaq nether the StablecoinX sanction nether the ticker “USDE.” The funds will enactment a semipermanent treasury strategy built astir Ethena’s ENA token.
StablecoinX is expected to clasp much than 3 cardinal ENA, the companies said, adding that the institution is expected to beryllium the archetypal dedicated treasury conveyance for the stablecoin protocol.
Investors see Brevan Howard, Susquehanna Crypto, and IMC Trading, alongside repetition backers Dragonfly and ParaFi.
The Ethena Foundation is matching the effort with a caller $310 cardinal buyback program, bringing full announced purchases to $570 million. Proceeds volition beryllium utilized to get ENA connected nationalist markets.
To align their strategy with marketplace structure, StablecoinX formed a caller advisory committee chaired by Rob Hadick of Dragonfly.
The committee volition absorption connected governance, partnerships, and semipermanent shareholder worth arsenic the institution links nationalist equity superior with Ethena’s token economy. The woody is slated to adjacent successful the 4th quarter.
Meanwhile, ArkStream Capital has announced it invested $10 cardinal successful Ethena Labs, gathering connected an archetypal $5 cardinal concern made precocious past year.
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