The Ethena Foundation announced the creation of StablecoinX Inc., a stablecoin-focused treasury firm that will go public through a merger with special-purpose acquisition company TLGY Acquisition Corp. The deal includes a $360 million investment earmarked for buying back and accumulating ENA, Ethena's native token, which surged 8% to $0.5437 immediately post-announcement – its highest price since January.
StablecoinX will list on Nasdaq under ticker USDE and operate validator services and staking tools for the ENA ecosystem. The funding round features $60 million from the Ethena Foundation alongside participation from Dragonfly, Pantera Capital, Galaxy Digital, Wintermute, and Polychain Capital. Founder Guy Young stated this provides "the first pure play exposure for equity investors to digital dollars upgrading money into the internet era."
This development coincides with Ethena's synthetic dollar USDe reaching a record $6.12 billion supply, cementing its position as the third-largest stablecoin behind USDT and USDC. Data from Dune Analytics shows USDe minted $698 million last week alone, including $267 million on July 14 – its second-largest weekly issuance ever. Young attributes this growth to "hundreds of billions in latent TradFi demand" for crypto exposure, amplified by the recent GENIUS Act that subjects stablecoin issuers to Federal Reserve oversight with strict asset-backing requirements.