Market News

Digital Asset Expansion: StablecoinX Prepares for Nasdaq Listing

StablecoinX, in partnership with TLGY Acquisition, has successfully raised $530 million to expand its digital asset portfolio ahead of a planned Nasdaq listing.

This funding increases total commitments to $890 million, primarily obtained through a PIPE deal that priced shares at $10 each.

The merged entity, StablecoinX Inc., aims to hold over 3 billion ENA, the native asset of the Ethena protocol, marking it as the first dedicated treasury business for Ethena.

Ethena specializes in synthetic stablecoins, USDe and USDtb, which utilize a delta-neutral hedging model for stability and yield generation.

Notable backers of the PIPE round include reputable firms such as YZi Labs, Brevan Howard, and Susquehanna Crypto, alongside returning investors like Dragonfly and ParaFi Capital.

According to Binance Research, USDe has quickly become the fastest stablecoin to surpass $10 billion in supply, reflecting a growing market demand.

With cumulative revenue exceeding $500 million as of August, the protocol demonstrates significant financial growth and market adaptation.

The recent GENIUS Act aims to enhance the stability and regulatory compliance of dollar-pegged stablecoins, further promoting the sector's growth.

Ripple's CEO, Brad Garlinghouse, has echoed this sentiment, predicting the stablecoin market could soar to $2 trillion in capitalization in the coming years.

As major players like Western Union explore stablecoins, the landscape indicates a robust future for digital assets, defining a new era in financial services.