Nazia Saeed
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StablecoinX merges with TLGY Acquisition Corp., raising $360M to build a crypto treasury backed by ENA tokens
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Ethena Foundation retains majority control; ENA buyback plan targets 8% of circulating supply
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Nasdaq listing coincides with US regulatory approval of stablecoin legislation and Circle’s IPO surge
StablecoinX, an infrastructure company within the Ethena ecosystem, is set to go public through a SPAC merger with TLGY Acquisition Corp., raising $360 million to establish a corporate crypto treasury backed by the ENA token.
The merged entity, to be named StablecoinX Inc., plans to list its Class A shares on Nasdaq under the ticker “USDE”. The company’s primary focus will be providing staking and infrastructure services to the Ethena protocol. The Ethena Foundation will retain majority voting control following the merger.
The funding package includes $260 million in cash and $100 million worth of discounted, locked ENA tokens, according to the merger announcement. Key investors backing the transaction include Pantera Capital, Galaxy Digital, Ribbit Capital, Dragonfly, Haun Ventures, Polychain, and the Ethena Foundation itself.
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Ethena’s role in the stablecoin market
Ethena is currently ranked the third-largest onchain stablecoin issuer, with its native USDe token holding a market cap of $6.1 billion. It follows Tether’s USDt at approximately $162 billion and Circle’s USDC, which stands near $64 billion.
The merger forms part of a broader five-year renewable partnership between StablecoinX and Ethena. The two entities will work closely on treasury operations, guided by a joint investment committee, with the deal expected to close in Q4 2025.
Inside stablecoinX’s ENA treasury plan
In a joint statement, StablecoinX, TLGY Acquisition Corp., and the Ethena Foundation outlined a strategic approach to building a long-term ENA-backed treasury.
The initial phase involves using the $260 million in cash to acquire locked ENA tokens through a formal Token Purchase Agreement. Over the next six weeks, the Ethena Foundation will also conduct a public market buyback, targeting around $5 million in ENA purchases per day. This would account for nearly 8% of ENA’s circulating supply at current price levels.
Crucially, StablecoinX intends to permanently lock this ENA allocation, adopting a Bitcoin-like treasury strategy. Rather than accumulating BTC, the company aims to use ENA as its core reserve asset, providing public investors with indirect exposure to the stablecoin sector through equity markets.
US policy shifts and public offerings fuel stablecoin momentum
StablecoinX’s public debut reflects a changing regulatory and investor sentiment toward stablecoins in the US.
Last week, the US House of Representatives passed a trio of crypto-related bills, including a stablecoin-specific measure that mandates reserve requirements and regulatory supervision for issuers. That bill was officially signed into law on Friday by President Trump, setting the stage for formal oversight of dollar-backed digital assets.
Meanwhile, Circle, the issuer of USDC, completed its IPO in early June, and its stock has since climbed over 600% from its $31 offering price—a move that signals traditional market confidence in the stablecoin sector.
With this context, StablecoinX’s public listing and ENA-backed treasury model come at a time when both regulators and investors are embracing digitally native financial infrastructure.
