StablecoinX to Go Public via SPAC Merger, Raising $360M for ENA Treasury
StablecoinX is going public through a merger with TLGY Acquisition Corp., raising $360 million to establish a crypto corporate reserve anchored by the ENA token. The merged entity will be named StablecoinX Inc. and will list Class A shares on Nasdaq under the ticker “USDE.” The company will provide infrastructure and staking services for the Ethena protocol, with the Ethena Foundation retaining majority voting power post-merger. The deal includes a $360 million private investment, comprising $260 million in cash and $100 million in locked ENA tokens. Ethena is the third-largest onchain stablecoin issuer, with its USDe token valued at approximately $6.1 billion. A five-year partnership will oversee treasury operations, with the transaction expected to close in Q4 2025. StablecoinX plans to buy locked ENA tokens and initiate a buyback of about $5 million daily over six weeks, aiming to build a long-term treasury. This move aligns with recent US legislative efforts to regulate stablecoins, including a new bill establishing reserve requirements for issuers.
