Ethena Labs

Ethena is set to become the first stablecoin developer whose product has a clear path to full compliance with the U.S. GENIUS Act Through our partnership with Anchorage Digital, the only federally chartered crypto bank, USDtb will move onshore to become a U.S. federally regulated payment stablecoin Stablecoins have become one of the most important growth stories in all of financial services Transitioning to a GENIUS-compliant structure cements USDtb at the forefront of this mega trend, building upon the existing foundation of transparency and resiliency to continue scaling Under this framework, USDtb will be a preferred choice for institutions seeking digital dollars backed by the highest regulatory standards

StablecoinX Inc. has announced a $360 million capital raise to purchase $ENA and will seek to list its Class A common shares on the Nasdaq Global Market under the ticker symbol "USDE", which includes a $60 million contribution of ENA from the Ethena Foundation Equity markets will now have direct access and exposure to the most important emerging trend in all of finance: The growth of digital dollars and stablecoins. To bootstrap its acquisition strategy, StablecoinX Inc. will use all of the $260 million cash proceeds from the raise (less amounts for certain expenses) to buy locked ENA from a subsidiary of the Ethena Foundation. Starting today, the Ethena Foundation subsidiary (via third-party market makers) will use 100% of the $260 million cash proceeds from the token sale to strategically purchase $ENA across publicly traded venues over the coming weeks, further aligning the Foundation’s incentives with those of StableCoinX shareholders. Importantly, the Ethena Foundation has the right to veto any sales of $ENA by StableCoinX at its sole discretion. Ideally, tokens will never be sold with a sole focus on accumulation. To the extent StableCoinX subsequently raises capital with the intent of purchasing additional locked ENA from the Ethena Foundation or its affiliates, cash proceeds from those token sales are planned to be used to purchase spot $ENA. StableCoinX's treasury strategy is a deliberate, multi‑year capital allocation strategy that will enables StableCoinX to capture the enormous value of the secular surge in demand for digital dollars while compounding ENA per share to the benefit of shareholders. https://lnkd.in/e8rF8-bR

Following our announcement yesterday regarding the initiation of the redemption plan for Ethena GmbH, we'd like to provide more detail on the particulars of the plan. The full details can be found here:

We are pleased to share BaFin and Ethena GmbH have agreed to a redemption plan providing holders the option to redeem USDe if they so wish. The plan was initiated via BaFin administrative order which concurrently revokes BaFin's previous March 21 2025 order. BaFin has updated its March 21, 2025 post to this effect: https://lnkd.in/ed4U-mjW Upon completion of the plan BaFin will have no outstanding issues related to Ethena GmbH's USDe-related operations, representing an amicable resolution on this matter. BaFin has released a statement below confirming implementation and closure of the matter following the plan: https://lnkd.in/eqbNNQg2 More information on the redemption plan can be found here: ethena.gmbh/redemption

The Ethena Network will be coming to life to empower USDe's liquidity and capital access across all of DeFi. Follow @EthenaNetwork on X to stay up to date on all things Ethena Network + Ecosystem x.com/EthenaNetwork