StablecoinX, a new infrastructure company within the Ethena ecosystem, is going public through a merger with TLGY Acquisition Corp., securing $360 million to build a crypto corporate reserve anchored by the ENA token.
After the merger, the combined company will be called StablecoinX Inc., and plans to list its Class A shares on the Nasdaq stock exchange under the ticker symbol “USDE.” The new company will provide infrastructure and staking services for the Ethena protocol, while the Ethena Foundation will retain majority voting power in StablecoinX following the merger.
The deal includes a $360 million private investment in public equity, with $260 million in cash and $100 million in discounted, locked Ethena (ENA) tokens, the protocol’s native coin. Backers include the Ethena Foundation alongside Ribbit Capital, Pantera, Dragonfly, Galaxy Digital, Haun Ventures and Polychain, among others.
Ethena is currently the third-largest onchain stablecoin issuer, with its USDe token holding a market capitalization of approximately $6.1 billion, behind Tether’s USDt (USDT) at $162 billion and Circle’s USDC (USDC) at nearly $64 billion.
The merger is part of a five-year renewable partnership that ties StablecoinX to Ethena’s long-term development. A joint investment committee will oversee treasury operations, with the transaction expected to close in the fourth quarter of 2025.
Related: USDC issuer Circle debuts public trading on New York Stock Exchange
Inside stablecoinX’s ENA treasury strategy
In a press statement from StablecoinX, TLGY Acquisition Corp. and the Ethena Foundation, the companies explained their ENA treasury strategy.
Starting immediately, $260 million in cash will be used to buy locked ENA tokens via a Token Purchase Agreement. The Ethena Foundation will initiate a buyback of ENA tokens on public markets over the next six weeks of about $5 million a day, representing nearly 8% of ENA’s circulating supply at current prices.
The goal is for StablecoinX to build a long-term treasury by locking up this supply and never selling the token.
The move mirrors the approach of Bitcoin treasury companies like Strategy, which accumulate BTC as a long-term store of value and strategic asset. Instead of Bitcoin, StablecoinX is building a reserve of ENA, giving shareholders public market exposure to the stablecoin market.
Related: Dubai regulator greenlights Ripple’s RLUSD stablecoin
US regulation, Circle IPO signal mood shift around stablecoins
StablecoinX’s upcoming Nasdaq debut comes as US policymakers move toward more precise stablecoin regulation, and traditional finance begins embracing the sector through public offerings.
On Thursday, members of the US House of Representatives passed three pieces of crypto legislation, including a stablecoin bill that establishes reserve requirements and regulatory oversight for issuers, finally giving dollar-backed digital assets a formal legal framework in the US. The stablecoin bill was signed into law on Friday by President Trump, while the other two pieces of legislation will now head to the Senate for consideration.
Circle, the company behind USDC, went public in early June on Wall Street. Since then, its shares have surged more than 600% from its IPO price of $31.
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