News

Jinse Finance reported that a Republican aide in the U.S. Senate stated that Senate Republicans are considering amending the rules to open a fast-track confirmation process for Trump's Federal Reserve Board nominees. The new rules could be debated as early as the meeting at the beginning of next month.

Jinse Finance reported that Ethena Labs announced on X that ENA treasury company StablecoinX has raised an additional $530 million as part of its ENA accumulation strategy. With this, StablecoinX has now raised a total of approximately $895 million through PIPE financing, and it is expected that after the transaction is completed, its balance sheet will hold over 3 billion ENA tokens. A subsidiary of the Ethena Foundation will use the funds raised from this PIPE to launch an ENA buyback program of about $310 million, which is expected to be executed by third-party market makers over the next 6 to 8 weeks, with the buyback amount accounting for about 13% of the circulating supply. The first round of PIPE financing has already been completed, with cumulative purchases accounting for about 7.3% of the circulating supply of ENA. The newly added buyback deployment plan is as follows: when the ENA price is above $0.70, a daily buyback of $5 million will be conducted; when the price is below $0.70 or drops more than 5% within 24 hours, a daily buyback of $10 million will be conducted.