In a major move for the stablecoin ecosystem, StablecoinX—formerly SPAC TLGY Acquisition—has announced a merger with Ethena Foundation to form a publicly traded company listed on Nasdaq under the ticker "USDE." This new entity secured $360 million through a PIPE deal that includes $260 million in cash and $100 million worth of locked ENA tokens.
The strategy is aggressive and clear: immediately deploy $260 million to purchase ENA, followed by a $5 million daily token buyback over six weeks—encompassing roughly 8% of the ENA supply. The Ethena Foundation retains majority voting rights and enters a five-year alliance with StablecoinX to ensure long-term treasury management.
Major crypto backers involved include Pantera, Galaxy Digital, Polychain, Dragonfly, Ribbit Capital, Haun Ventures, Blockchain.com, and more. StablecoinX aims to be the first publicly traded treasury firm focused on stablecoins—offering shareholder exposure to ENA—a fast-growing digital dollar alternative with a current market cap of about $6.1 billion, making it the third-largest on-chain stablecoin after USDT and USDC.
This launch follows a rising trend: traditional finance is embracing digital assets, public stablecoin frameworks are being shaped, and regulated fundraising like Circle’s IPO has already proven successful. With its Nasdaq debut and dominant treasury strategy, StablecoinX positions ENA as a credible digital-dollar contender and signals a new institutional chapter in the crypto treasury narrative.