StablecoinX to go public via SPAC merger, raising $360M for ENA treasury

Key Points

1. StablecoinX will merge with TLGY Acquisition Corp. to form StablecoinX Inc., trading under the symbol 'USDE'.

2. The merger includes a $360 million private investment in public equity, with investors like Pantera, Galaxy Digital, and the Ethena Foundation.

3. $260 million will be used to buy locked ENA tokens, and the Ethena Foundation will buy back $5 million worth of ENA tokens daily for six weeks.

4. The strategy mirrors Bitcoin treasury companies, but StablecoinX focuses on accumulating ENA tokens as a reserve asset.

5. The move aligns with a broader regulatory shift in the US, highlighted by Circle's recent IPO and surging stock performance.