StablecoinX and TLGY secure $530 million in funding, bringing their total funding to $890 million.

On September 6, Cointelegraph reported that StablecoinX and TLGY Acquisition announced they had secured an additional $530 million in financing, which will primarily be used to acquire digital assets. This financing development, which precedes the parties' planned merger and listing on Nasdaq, brings the total committed financing to $890 million.

Upon completion of the merger, the new entity will be renamed StablecoinX Inc. and is expected to hold over 3 billion ENA, becoming the first dedicated fund pool within the Ethena ecosystem. The Ethena ecosystem is known for issuing synthetic USD stablecoins such as USDe and sUSDe.

This financing was achieved through a private placement equity (PIPE) mechanism, which allows publicly traded companies to issue shares to institutional investors at a discount to quickly raise capital.

The injection of new funds not only strengthens the company's financial structure but also provides ammunition for subsequent business expansion and market operations.

The new round of investors includes several well-known institutions, such as YZi Labs, Brevan Howard, Susquehanna Crypto, and IMC Trading, as well as the continued support of existing investors, including Dragonfly, ParaFi Capital, Maven11, Kingsway, Mirana, and Haun Ventures.

Marc Piano, director of the Ethena Foundation, emphasized in a statement: "This funding will significantly enhance the resilience of the Ethena ecosystem, improve the market liquidity of ENA, and support the continued development and innovation of USDe, sUSDe, and future new products." He pointed out that this is not only an important endorsement of Ethena's economic model, but will also promote the application of its stablecoin in a wider range of scenarios.

Previously, TLGY disclosed its intention to merge with StablecoinX, an initial $360 million PIPE financing arrangement, and a $260 million ENA token repurchase plan on July 21. This series of actions demonstrates that both parties are actively promoting resource integration and strategic layout, laying a solid foundation for listing on Nasdaq and subsequent operations.