StablecoinX SPAC Merger: A New Era for ENA Treasury
StablecoinX, a leading infrastructure company in the Ethena ecosystem, will go public through a merger with TLGY Acquisition Corp. The deal raises $360 million to strengthen the ENA treasury, with the ENA token serving as the reserve’s foundation. The combined entity, StablecoinX Inc., plans to list Class A shares on Nasdaq under the ticker ‘USDE’.
Key Investors and Strategic Direction
A $360 million private investment backs the merger, consisting of $260 million in cash and $100 million in locked ENA tokens. Major supporters include Pantera, Galaxy Digital, and the Ethena Foundation. The foundation will keep majority voting rights, ensuring StablecoinX‘s infrastructure and staking services align with the protocol’s long-term growth.
ENA Treasury Strategy and Market Position
The treasury strategy focuses on acquiring locked ENA tokens and executing a $5 million daily buyback over six weeks. This mirrors the approach of Bitcoin treasury firms, treating ENA as a strategic holding. Ethena currently ranks as the third-largest onchain stablecoin issuer, with USDe boasting a $6.1 billion market cap.
Regulatory Developments and Industry Trends
This merger arrives alongside progress in U.S. stablecoin regulation and Circle‘s successful public debut, signaling traditional finance’s increasing embrace of stablecoins. The move represents a milestone in cryptocurrency‘s integration with conventional markets.
