StablecoinX and TLGY receive $530 million in financing, with a total financing of $890 million

PANews September 6th news, StablecoinX and TLGY Acquisition have received an additional $530 million in financing to purchase digital assets, with total commitments reaching $890 million before the planned merger and Nasdaq listing. The merged company will be renamed StablecoinX Inc. and is expected to hold more than 3 billion ENAs. According to the company, this will be the first dedicated fund pool business in the Ethena ecosystem, which issues USDe and USDtb stablecoins. The funds are raised through a private equity investment (PIPE) transaction that allows listed companies to raise funds by selling discounted shares to institutional investors. The company’s new investors include YZi Labs, Brevan Howard, Susquehanna Crypto and IMC Trading, as well as backers of the return, Dragonfly, ParaFi Capital, Maven11, Kingsway, Mirana and Haun Ventures. “This additional funding will enhance the resilience of the ecosystem, enhance ENA’s liquidity and support the sustainability of USDe, USDtb and future Ethena products,” said Marc Piano, director of the Ethena Foundation in a statement. Previously, TLGY disclosed its merger plan with StablecoinX, an initial PIPE financing of $360 million and an ENA buyback plan of $260 million on July 21.