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

PANews reported on September 6th that StablecoinX and TLGY Acquisition have secured an additional $530 million in financing to acquire digital assets, bringing their total committed financing to $890 million ahead of their planned merger and Nasdaq listing. The merged company, to be renamed StablecoinX Inc., is expected to hold over 3 billion ENA. According to the company, this will be the first dedicated fund pool for the Ethena ecosystem, which issues the USDe and USDtb stablecoins. The funds were raised through a private placement equity (PIPE) transaction, which allows publicly traded companies to raise capital by selling discounted shares to institutional investors.

The company’s new investors include YZi Labs, Brevan Howard, Susquehanna Crypto, and IMC Trading, along with returning backers Dragonfly, ParaFi Capital, Maven11, Kingsway, Mirana, and Haun Ventures.

“This additional funding will strengthen the resilience of the ecosystem, increase ENA liquidity, and support the sustainable development of USDe, USDtb, and future Ethena products,” Marc Piano, a director of the Ethena Foundation, said in a statement.

Earlier news , TLGY disclosed its merger plan with StablecoinX, $360 million in initial PIPE financing, and $260 million in ENA repurchase plan on July 21.