StablecoinX, a newly formed company focused on the Ethena ecosystem, is set to go public via a merger with TLGY Acquisition Corp. (OTC: TLGYF). The transaction involves a $360 million capital raise, positioning StablecoinX as a pure-play treasury company dedicated to the Ethena ecosystem. Following the merger, the combined entity will operate as StablecoinX Inc. and aims to list its Class A common shares on the Nasdaq under the ticker symbol "USDE". The final transaction is expected to close in the fourth quarter of 2025, pending Nasdaq and shareholder approvals.
The $360 million capital injection includes $260 million in cash and $60 million in ENA tokens contributed by the Ethena Foundation. StablecoinX intends to use these funds to accumulate ENA tokens, the native token of the Ethena protocol. A key component of the strategy involves a $260 million buyback program executed through third-party market makers. The Ethena Foundation will also deploy $5 million daily over six weeks to accumulate ENA on public markets.
The Ethena Foundation will retain significant control over StablecoinX's ENA holdings, possessing full veto power over any future sales of ENA by StablecoinX. This ensures a long-term focus on ENA accumulation and aligns the foundation's incentives with StablecoinX shareholders. Furthermore, any additional capital raised by StablecoinX will also be used to purchase spot ENA. The partnership includes a five-year collaboration agreement governing token transactions, treasury strategy execution, and governance rights through Class B shares retained by the Foundation.
StablecoinX's strategic accumulation of ENA is designed to provide equity investors with exposure to Ethena, currently the third-largest issuer of digital dollars, behind Tether and Circle. Ethena's USDe "synthetic dollar" has gained traction as institutions seek stable and regulated stablecoins. The company will also operate validator infrastructure and staking services for the Ethena protocol. StablecoinX aims to compound ENA per share over time through its structured treasury strategy.
According to Young Cho, chief executive officer of TLGY and SC Assets, creating StablecoinX and buying ENA “gives public market investors transparent, well‑governed access to the Ethena ecosystem". The initiative supports StablecoinX's objective of generating shareholder value by securing a strategic stake in a protocol at the forefront of the accelerating global demand for digital dollars. The company's focus on ENA accumulation is viewed as a multi-year capital allocation strategy that will enable it to capture the value driven by the increasing demand for digital dollars.
The Ethena Foundation views the partnership with StablecoinX as a way to safeguard Ethena's longevity and decentralization. According to Ethena Foundation Director Marc Piano, partnering with StablecoinX under a disciplined, locked‑token framework ensures that capital entering the ecosystem is long-term and value‑accretive while enhancing ecosystem capital efficiency.
