StablecoinX announced a financing of 530 million USD, culminating in a total of about 895 million USD. Ethena Labs plans to utilize these funds to buy back locked ENA based on its market price.
Ethena’s strategy outlines daily purchases of 5 million USD for ENA if it remains above 0.70 USD, while purchases could rise to 10 million USD if the price drops below that threshold or declines by over 5% in a day.
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