StablecoinX Raises $360 Million to Accumulate ENA Tokens

StablecoinX, a newly formed company, has launched an ambitious treasury strategy focused on the Ethena ecosystem. The firm has successfully raised $360 million in capital, with plans to list on the Nasdaq Global Market under the ticker symbol “USDE.” The funding round includes $260 million in cash and a $60 million contribution in ENA tokens from the Ethena Foundation. This significant investment is aimed at acquiring locked ENA tokens, with the Ethena Foundation playing a pivotal role in the process.

The cash raised will be utilized to purchase ENA tokens from a subsidiary of the Ethena Foundation. StablecoinX will implement a $260 million buyback program through third-party market makers. The Ethena Foundation will allocate $5 million daily over the next six weeks to accumulate ENA tokens on public markets. This strategy is designed to align the interests of shareholders while supporting the market performance of ENA during the acquisition phase.

StablecoinX will operate as a pure-play treasury company dedicated to the Ethena ecosystem. The listing process is being facilitated through a business combination with TLGY Acquisition Corp. The final transaction is anticipated to close in the fourth quarter of 2025, subject to approvals from Nasdaq and shareholders. The Ethena Foundation will retain full veto power over any future sales of ENA by StablecoinX, ensuring a long-term focus on ENA accumulation. Any additional capital raised will also be used to purchase spot ENA. StablecoinX aims to compound ENA per share over time as part of its structured treasury strategy.

The accumulation of ENA tokens is intended to provide equity investors with exposure to Ethena, which is the third-largest issuer of digital dollars after Tether and Circle. Ethena’s on-chain dollar product has gained traction as institutions seek access to stable and regulated stablecoins. However, the ENA token remains challenging to access through traditional capital markets.

The partnership between StablecoinX and the Ethena Foundation includes a five-year collaboration agreement. This agreement governs token transactions, treasury strategy execution, and governance rights through Class B shares retained by the Foundation. With support from investors such as Dragonfly, Ribbit Capital, and Blockchain.com, StablecoinX aims to become a significant gateway for equity-market access to the Ethena ecosystem.

According to Young Cho, chief executive officer of TLGY and SC Assets, the move to create StablecoinX and buy ENA “gives public market investors transparent, well-governed access to the Ethena ecosystem.” Cho added, “Deploying capital to accumulate ENA at scale is a deliberate, multi-year capital allocation strategy that will enable StablecoinX to capture the value driven by the secular surge in demand for digital dollars while compounding intrinsic value per share.”