Ethena Labs News: StablecoinX Funding and Buybacks Lift ENA Token

The latest Ethena Labs news shows why many traders are turning bullish on the ENA token .

A well-known whale wallet, 0x9e8b, who already made over $14.5 million trading on Hyperliquid, has just gone long on ENA. The position is massive, 27.9 million ENA worth about $20.5 million.

Source: X (previously Twitter)

This move comes as Ethena Labs secures fresh capital and rolls out big buybacks that could reshape the token’s market.

StablecoinX Pours $530 Million

One of the biggest drivers of optimism is StablecoinX’s decision to raise another $530 million to buy ENA .

The plan is very aggressive: about $5m worth of this token will be bought daily if the price stays above $0.70.

But if it falls below $0.70 or drops sharply, the daily purchases could double to $10m.

This new raise adds to earlier PIPE financing, taking total funding to nearly $895m. At current levels, this could give StablecoinX more than 3 billion ENA tokens.

To reinforce the plan, the Ethena Foundation will also launch a $310m buyback program over the next two months, which should cut supply further.

Buybacks Creating Supply Shock

The buyback strategy is already having a clear impact. Since July, about $150m worth of token has been bought back and taken out of circulation.

That’s equal to 3.48% of supply gone in just a few weeks. With daily $5m purchases still ongoing, scarcity is only increasing.

Analysts believe the program could remove up to 8% of supply by early September.

USDe Stablecoin Supply Is Surging

Another key part of the story is Ethena’s, USDe . Since July, its supply has doubled to $11.6 billion, making it the third-largest stablecoin. The main attraction is its 11% annual yield, which is pulling in massive demand.

This expansion is significant because some of the USDe fees go directly toward this altcoin buybacks and burn automatically. In other words, the more usage USDe receives, the better it will get.

Ethena is also driving adoption by being integrated on platforms such as TON with a goal to bring yield-generative digital dollars to the billion users of Telegram.

ENA Price Breaks Key Levels

• On the technical side, it recently broke past $0.70, which was a major resistance level.

• This triggered buying across the market and even helped liquidate nearly $94 million in Bitcoin-linked shorts.

• The cryptocurrency now faces another resistance near $0.75, but holding above $0.70 could confirm the bullish setup.

Source: CoinMarketCap

Currently the coin is trading at $0.7433 with an increase of 11.44% while trading volume is increased by 115% in the last 24 hours.

Institutions Backing the Vision

Institutional investors are also showing trust. ArkStream Capital just added another $10 million to its earlier $5m investment in Ethena Labs.

The firm praised Ethena’s mix of traditional financing and crypto-native models, saying it creates a “flywheel effect” that ties USDe growth to governance of this altcoin.

Final Thoughts

From whale trades and huge funding to daily buybacks and explosive stablecoin demand, the newest update illustrates why momentum is picking up quickly around ENA token.

With supply shrinking and adoption growing, investors are keenly observing to determine whether the token is able to break through its next resistance and keep its rally going.