StablecoinX Launches With $360 Million Backing To Boost Ethena Ecosystem

TLGY Acquisition Corporation and SC Assets have merged to form StablecoinX, a new entity focused on enhancing the Ethena stablecoin ecosystem. The newly formed company will be listed under the ticker “USDE” and is supported by a substantial $360 million in PIPE (Private Investment in Public Equity) financing. This merger signifies a major advancement in the infrastructure surrounding decentralized stablecoins, with StablecoinX aiming to fortify Ethena’s market position through a long-term strategy.

A central component of StablecoinX’s vision is its dedication to accumulating ENA tokens, which are pivotal to the governance and operations of the Ethena protocol. These tokens will function as long-term treasury assets for StablecoinX, underscoring a deep trust in Ethena’s potential and future growth. This strategic alignment is bolstered by Ethena’s newly announced $260 million ENA buyback program, designed to enhance the token’s value and stability. By combining treasury accumulation with buybacks, the ecosystem aims to establish a robust foundation for both investor confidence and token utility.

StablecoinX enters the market as a formidable contender in the stablecoin and DeFi landscape. Its backing by institutional capital and long-term ENA strategy positions it to make a lasting impact on how stablecoins are built and governed. This launch reflects a maturing sector where stablecoin issuers focus not just on liquidity but on long-term protocol alignment. With USDE as its flagship product and ENA as a core treasury asset, StablecoinX is poised to be a significant player in the stablecoin sector.

The merger and subsequent capital raise mark a notable development in the stablecoin sector. StablecoinX aims to challenge traditional stablecoin monopolies by providing institutional investors with a transparent and regulated investment vehicle. The company's focus on the Ethena ecosystem and its treasury strategy with ENA tokens positions it as a key player in the growing demand for digital dollars. The strategy involves deploying capital to accumulate ENA at scale over a multi-year period, aiming to capture the value driven by the increasing demand for digital dollars while compounding intrinsic value per share.