StablecoinX’s $530M PIPE and ENA Buyback Fuel USDE Listing
StablecoinX has secured a $530 million PIPE financing, lifting its combined treasury to $890 million. The funds will purchase over 3 billion ENA tokens to strengthen the Ethena ecosystem and support the USDe stablecoin.
In parallel, the Ethena Foundation launched a $310 million ENA buyback, bringing total repurchases to $570 million. According to Mark Piano, this measure deepens ENA liquidity and sustains ecosystem products like USDe and USDtb.
USDe circulation has more than doubled to over $12 billion, aided by the December 2024 USDtb launch with Anchorage Digital Bank under the GENIUS Act. A new advisory board chaired by Rob Hadick (Dragonfly) will oversee governance, strategic partnerships and long-term shareholder value.
The PIPE deal is set to close in Q4 2025. After closing, the merged entity will list on Nasdaq as StablecoinX (USDE). These efforts follow regulatory hurdles—including a BaFin ban in March 2025 and a German buyback settlement—and aim to restore confidence and drive sustainable growth in the Ethena ecosystem.
Bullish
StablecoinX’s $530 million PIPE and the Ethena Foundation’s $310 million ENA buyback will increase token demand and liquidity. Acquiring over 3 billion ENA and reducing circulating supply exerts upward price pressure. The planned Nasdaq listing of USDE as StablecoinX adds institutional credibility, likely drawing new investors. In the short term, the buyback should spark bullish sentiment and volume spikes. Long term, a stronger treasury, new advisory board and improved regulatory compliance will enhance market confidence and support sustained price growth.