Ethena’s $ENA token surged over 12% after StablecoinX raised $530 million, boosting its total PIPE financing to $895 million. The funding will give StablecoinX control of over 3 billion ENA tokens, reinforcing its role in the Ethena ecosystem.

Part of the capital will fund a $310 million buyback program over the next two months, absorbing about 13% of ENA’s circulating supply. Combined with a prior program that soaked up 7.3%, the moves provide strong price support and align StablecoinX closely with Ethena’s long-term growth.

Ethena’s synthetic stablecoin USDe has grown to over $12 billion in supply, making it the third-largest stablecoin. With yields of 8–29% APY through sUSDe staking and partnerships with protocols like Aave and Pendle, Ethena has become a DeFi powerhouse. The protocol has generated more than $500 million in cumulative revenue, with weekly highs of $13.4 million.

Analysts and traders see the StablecoinX deal as a major vote of confidence, with many calling Ethena one of the strongest examples of “DeFi legos” in action. $ENA now trades at $0.7366, up 11.15%.