Ethena Jumps 12% After StablecoinX’s $530M Financing Boost

Ethena’s ENA token surged more than 12% in the past 24 hours, trading at $0.75 with daily volumes up 122% to $1.48 billion, according to CoinMarketCap.

The rally followed news that StablecoinX Assets Inc., a validator and infrastructure firm tied to the Ethena ecosystem, secured $530 million in additional PIPE financing.

The raise, announced alongside TLGY Acquisition Corp., builds on an earlier $360 million PIPE disclosed in July, bringing total commitments to $890 million. Backers include YZi Labs, Brevan Howard, Susquehanna Crypto, and IMC Trading, alongside repeat participants such as Dragonfly and ParaFi Capital.

The funding will support StablecoinX’s plan to accumulate over 3 billion ENA tokens as part of a multi-year treasury strategy. A portion of proceeds will be used to acquire discounted, locked ENA directly from an Ethena Foundation subsidiary, with the foundation pledging to repurchase ENA in public markets to reinforce token liquidity.

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Ethena Foundation confirmed it has already launched a $310 million buyback program, adding to an initial $260 million initiative, for a total of $570 million in announced repurchases. The foundation said the collaboration with StablecoinX strengthens ENA’s liquidity profile while supporting growth of its stablecoin products USDe and USDtb.

With a market capitalization of $5.16 billion and total value locked at $12.81 billion, Ethena continues to rank among the top 30 cryptocurrencies. Today’s rally reflects renewed investor confidence that deep-pocketed backers and aggressive treasury accumulation will underpin ENA’s role at the center of the stablecoin ecosystem.