Overview

• The latest $530 million round lifts StablecoinX’s PIPE financing to about $895 million, with the firm expecting to hold over 3 billion ENA once transactions close.
• An Ethena Foundation subsidiary will run a $310 million repurchase over six to eight weeks via third-party market makers using daily deployment rules tied to price levels and 24‑hour declines.
• At current levels, the new program and earlier PIPE activity account for roughly one‑fifth of ENA’s circulating supply, including about 13% from the new effort and 7.3% from the initial tranche.
• Ethena retains veto rights over any StablecoinX token sales, and a merger with TLGY aims for a late‑2025 Nasdaq listing under the ticker USDE.
• ENA rose more than 12% after the announcement, as investors cited accelerating USDe adoption with TVL around $12–12.8 billion and cumulative protocol revenue reported near $500 million.