The Ethena Foundation is getting serious about its future, so serious, in fact, that it’s jumping into the public markets with a bold move. Enter StablecoinX Inc., a new stablecoin-focused treasury firm that’s set to go public via a merger with TLGY Acquisition Corp. That’s right, folks, a public listing on Nasdaq under the ticker USDe. Just think about it: stablecoins on the Nasdaq. Mind-blowing, right?
This transaction has two primary parts:
— StablecoinX (@stablecoin_x) July 21, 2025
Under an agreement with the Ethena Foundation, we may direct an initial purchase of locked ENA, matching the PIPE proceeds
The Ethena Foundation subsidiary, via intermediary market makers, will use all cash proceeds from the token sale to…
As part of the deal, StablecoinX plans to pump a cool $360 million into buybacks and accumulating ENA, the native token of Ethena. The news sent ENA soaring, up 8% to $0.5437, its highest price since January.
StablecoinX's Big Dreams and Growing USDe Supply
The big news doesn’t stop there. StablecoinX isn’t just going public for the fun of it; it’s going all in. The firm plans to back the entire ENA ecosystem with infrastructure, validator services, and staking tools. Oh, and it’s not just the Ethena Foundation that’s in on this; top crypto investors like Dragonfly, Pantera Capital, Galaxy Digital, Wintermute, and Polychain Capital are all throwing in their weight and cash into this massive funding round.
Guy Young, the founder of Ethena Labs, couldn’t hide his excitement about the deal, saying:
“The launch of StablecoinX will provide the first pure-play exposure for equity investors to the fastest growing company in the most important thematic trend in crypto—digital dollars upgrading money into the internet era and eating all of finance in the process.”
Bold words, but you have to admit, it sounds like he’s onto something.
Meanwhile, the buzz around Ethena’s synthetic dollar, USDe, is only heating up. Just last week, USDe saw its second-largest weekly issuance, minting nearly $698 million worth of tokens. That’s some serious cash flowing into the system. With that boost, USDe’s total circulation has now topped $6 billion, its highest since February. It’s now sitting pretty as the third-largest stablecoin behind Tether’s USDT and Circle’s USDC. Looks like digital dollars are making some serious noise in the crypto world.
And let’s not forget about the latest development in the stablecoin world: Donald Trump’s GENIUS Act, signed last week, which brings stablecoin issuers under the watchful eye of the US Federal Reserve. The act mandates full asset backing and sets clear standards for compliance and redemption. Finally, some clarity for the stablecoin space, just in time for the massive growth we’re seeing.
In a nutshell, Ethena’s making big moves, and with StablecoinX’s public debut and the rise of USDe, it’s clear that digital dollars are not just a crypto trend; they’re reshaping the entire financial landscape. Get ready, this ride is just getting started.
Jordan V.
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