Ethena Foundation Launches StablecoinX to Acquire $360M in $ENA ๐
The Ethena Foundation is launching StablecoinX Inc., a new crypto treasury and infrastructure firm, through a SPAC merger with TLGY Acquisition. The deal includes a $360 million PIPE to fund massive #ENA token buybacks and long-term staking infrastructure.
๐น $60M from Ethena Foundation
๐น Backed by major VCs: Dragonfly, Ribbit Capital, Pantera, Haun Ventures, Galaxy Digital and others
๐น Shares will trade on Nasdaq under ticker: USDE
๐น #StablecoinX will focus on ENA accumulation, staking, and validator operations
Ethena, which issues the synthetic dollar $USDe, is already the third-largest on-chain dollar issuer after Tether and Circle. This move aims to bolster the protocolโs treasury, longevity, and decentralization, positioning ENA as a long-term digital asset backed by deep capital reserves.