StablecoinX Goes Public With TLGY to Build ENA-Powered Reserve
StablecoinX, a new infrastructure firm within the Ethena ecosystem, is going public through a merger with TLGY Acquisition Corp. In order to create a cryptocurrency corporate reserve anchored by the ENA token, $360 million has been raised. The combined business will be known as StablecoinX Inc. following the merger, and it intends to list its Class A shares on the Nasdaq stock exchange with the ticker USDE. The Ethena Foundation will keep its majority voting stake in StablecoinX after the merger, while the new business will supply staking services and infrastructure for the Ethena protocol.
Along with $260 million in cash and $100 million in discounted, locked Ethena tokens—the protocol’s native coin—the deal also includes a $360 million private investment in public equity. In addition to Ribbit Capital, Pantera, Dragonfly, Galaxy Digital, Haun Ventures, and Polychain, the Ethena Foundation is one of the backers. The merger links StablecoinX to Ethena’s long-term growth as part of a renewable partnership that lasts for five years. The deal is anticipated to finalize in the fourth quarter of 2025, and treasury operations will be supervised by a joint investment committee.
StablecoinX to Repurchase 8% of ENA Supply in Strategic Treasury Move
The Ethena Foundation, TLGY Acquisition Corp., and StablecoinX provided an explanation of their ENA treasury strategy in a press release. A token purchase agreement will be used to purchase locked ENA tokens with $260 million in cash as of right now. Over the following six weeks, the Ethena Foundation plans to start repurchasing ENA tokens on the open market at a rate of roughly $5 million per day, which, at current pricing, would account for almost 8% of the total amount in circulation. By limiting this supply and never selling the token, StablecoinX hopes to create a long-term treasury.
The action is similar to that of Bitcoin treasury firms like Strategy, who amass BTC as a strategic asset and long-term store of value. StablecoinX is creating a reserve of ENA in place of Bitcoin, providing stockholders with exposure to the stablecoin market through the public market.
StablecoinX Readies Nasdaq Debut as US Passes Historic Stablecoin Bill
As US lawmakers shift toward more specific stablecoin regulation and traditional finance starts to embrace the industry through initial public offerings, StablecoinX is set to make its Nasdaq listing. A stablecoin bill that establishes reserve requirements and regulatory control for issuers was one of three cryptocurrency legislations that members of the US House of Representatives passed on Thursday. This provides a formal legal framework for digital assets backed by dollars in the United States. President Trump signed the stablecoin bill into law on Friday, and the other two bills will now be sent to the Senate for review.
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