StablecoinX Plans Nasdaq Listing and $360M ENA Token Reserve Amid Evolving Stablecoin Regulation

Key Points

1. StablecoinX merges with TLGY Acquisition Corp., raising $360M to create an ENA-backed crypto reserve, with $260M allocated to purchasing locked ENA tokens.

2. The Ethena Foundation commits to repurchasing approximately 8% of ENA’s circulating supply over six weeks to enhance token scarcity and shareholder value.

3. Institutional investors like Ribbit Capital, Pantera, and Galaxy Digital back the initiative, ensuring governance continuity and growth.

4. StablecoinX’s Nasdaq listing coincides with US regulatory developments formalizing stablecoin oversight, following the trend set by Circle’s USDC.

5. Ethena’s USDe token is the third-largest on-chain stablecoin by market cap, positioning StablecoinX for expansion in treasury strategies and staking solutions.