StablecoinX announced a definitive merger agreement with TLGY Acquisition Corp. to raise $360 million and create a cryptocurrency reserve backed by the ENA token. This strategic move paves the way for StablecoinX’s public listing on the Nasdaq exchange, marking a significant advancement in regulated stablecoin infrastructure development.
A substantial portion of the proceeds, $260 million, will be allocated to directly purchase locked ENA tokens to back the new reserve. Complementing this, the Ethena Foundation has committed to a significant buyback initiative, repurchasing approximately 8% of ENA’s circulating supply over a six-week period to enhance token scarcity and boost shareholder value.
The merger and reserve project enjoys strong backing from prominent institutional investors, including Ribbit Capital, Pantera Capital, and Galaxy Digital. This support ensures governance continuity and fuels StablecoinX’s planned growth trajectory.
StablecoinX’s transition to a publicly-traded NASDAQ entity coincides with ongoing legislative developments in the United States aimed at formalizing stablecoin oversight frameworks. This regulatory progress, following interventions regarding other stablecoins like USDC, provides a critical backdrop for the listing.
Leveraging Ethena Labs’ established USDe stablecoin, now the third-largest on-chain stablecoin by market capitalization, StablecoinX positions itself to expand offerings in on-chain treasury and staking strategies. The move signifies confidence in the future integration of regulated stablecoins within broader financial systems.