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- ENA fell 11.4% after Mega Matrix’s $2B treasury announcement.
- StablecoinX added $530M PIPE and $260M buyback, boosting support.
- USDe reached $12.6B, positioning Ethena as the third-largest stablecoin.
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Ethena [ENA] experienced a notable 11.4% drop on September 4 following Mega Matrix’s (MPU) announcement of a $2 billion treasury plan aimed at buying ENA tokens. The initiative is intended to strengthen the Ethena ecosystem, but the immediate market reaction reflected investor caution. Just a day later, StablecoinX unveiled additional financing and a massive buyback program, further influencing the market dynamics around ENA.
StablecoinX Drives Momentum with $530M PIPE Financing
StablecoinX, a pure-play stablecoin treasury firm, confirmed a $530 million Private Investment in Public Equity (PIPE), boosting total commitments to $890 million. This includes $360 million from an earlier merger plan between TLGY Acquisition and StablecoinX, positioning the company for a Nasdaq listing. Alongside the financing, StablecoinX announced a $260 million ENA buyback program, signaling strong support for the token and potential upward pressure in the near term.
TLGY announces that it has reached a definitive agreement to complete a business combination and secured $360 million in commited PIPE financing to form StablecoinX, a stablecoin-focused Ethena treasury company
— StablecoinX (@stablecoin_x) July 21, 2025
StablecoinX is expected to be the first pureplay treasury company in… pic.twitter.com/aaY7biflLo
USDe Growth Highlights Ethena’s Market Position
Data from Token Terminal revealed that Ethena’s synthetic dollar stablecoin, USDe, reached $12.6 billion in September—a 31% month-over-month increase. This growth positions USDe as the third-largest stablecoin, trailing only Tether [USDT] and Circle [USDC]. A Binance Research report emphasized that USDe’s unique yield design attracts investors seeking risk-adjusted returns, differentiating it from transactional-only tokens. With global interest rates expected to decline, Ethena’s yield-bearing stablecoin model could continue to draw long-term capital.
ENA Price Outlook Remains Mixed
As of press time, ENA traded with a neutral short-term outlook. Its recent move above the $0.48-$0.5 supply zone was a pivotal milestone, while the next resistance level lies between $0.80 and $0.88. Technical indicators show mixed signals: the Accumulation/Distribution (A/D) line indicates steady buying pressure, but the Money Flow Index (MFI) remains neutral. Swing traders may find ENA attractive if it maintains support above $0.612, a critical threshold for sustaining bullish momentum.
While Mega Matrix’s treasury strategy and StablecoinX’s buyback program highlight strong institutional backing, ENA’s recent volatility suggests cautious optimism. Investors are closely watching technical levels and USDe adoption trends to gauge future price action. The combination of ecosystem growth, yield-bearing token design, and strategic buybacks may ultimately reinforce ENA’s long-term potential in the stablecoin and governance token markets.
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Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
Also Read: Ethena (ENA) Inflows Surge as Earnings Rebound and TVL Hits $12.6B
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