tl;dr
The Ethena Foundation is launching StablecoinX Inc., a stablecoin-focused treasury firm, which will go public via a merger with TLGY Acquisition Corp. StablecoinX plans a $360 million investment to buy back ENA, Ethena's native token, which rose 8% following the announcement. Listed on Nasdaq as USD...
The Ethena Foundation is making a bold push into the public markets by creating a new stablecoin-focused treasury firm, StablecoinX Inc. According to a July 21 statement, the company will go public through a merger with TLGY Acquisition Corp. As part of the deal, StablecoinX plans to invest $360 million into the buyback and accumulation of ENA, the native token of Ethena. Following the announcement, ENA jumped 8% to $0.5437, its highest level since January.
StablecoinX will be listed on Nasdaq under the ticker symbol USDE. The firm said it would operate infrastructure around the ENA ecosystem, including validator services and staking tools. Meanwhile, the funding round includes a $60 million investment from the Ethena Foundation, alongside participation from top-tier crypto investors such as Dragonfly, Pantera Capital, Galaxy Digital, Wintermute, and Polychain Capital. Guy Young, founder of Ethena Labs, emphasized the deal’s importance while 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.”
The StablecoinX announcement comes amid rising interest in Ethena’s synthetic dollar, USDe. Last week, USDe saw its second-largest weekly issuance ever, minting nearly $698 million worth of tokens, according to data from Entropy Advisors via Dune Analytics. According to the data, the net minting of USDe reached $267 million on July 14 alone, followed by $160 million each of the next two days.
With the latest supply boost, USDe’s total circulation has surpassed $6 billion tokens, its highest since February. This makes it the third-largest stablecoin in the crypto market behind Tether’s USDT and Circle’s USDC. This growth highlights rising demand for digital dollars, particularly as regulatory clarity improves. Young said: “It is now obvious that the growth of digital dollars and stablecoins is not only the most important story in crypto, but all of finance. There are hundreds of billions in latent TradFi demand for crypto exposure, but this demand is primarily focused on a narrow subset of themes: BTC, ETH & stablecoins.”
Last week, President Donald Trump signed the GENIUS Act, which brings stablecoin issuers under direct oversight from the US Federal Reserve. The legislation mandates full asset backing with highly liquid instruments such as cash or Treasury bills and sets clear compliance and redemption standards.