StablecoinX Mimics Bitcoin's Treasury to Stabilize ENA

StablecoinX has announced a significant $890 million capital raise through a merger with TLGY Acquisition Corp., marking a pivotal move in its strategy to bolster the ENA token ecosystem. The funds will be allocated to acquiring over 3 billion ENA tokens, with a $310 million buyback program initiated by the Ethena Foundation to reduce circulating supply. This initiative aligns with StablecoinX’s plan to list on the Nasdaq under the ticker “USDE” in Q4 2025, positioning it as a dedicated treasury vehicle for the Ethena protocolStablecoinX Secures $530M Investment to Back Ethena-Linked Treasury^[1]. The merger, backed by institutional investors including Brevan Howard, Susquehanna Crypto, and the Ethena Foundation, underscores confidence in the ENA token’s long-term value propositionStablecoinX to go public via SPAC merger, raising^[2].

Ethena Labs’ recent withdrawal from Hyperliquid’s USDH stablecoin race has coincided with heightened market activity around ENA. The decision, influenced by validator and community feedback, saw ENA’s price drop by 2.9% in 24 hours. Despite this, Ethena’s founder, Guy Young, emphasized the move as a strategic alignment with Hyperliquid’s community-driven ethos, redirecting focus to product innovation within the Ethena ecosystemENA price drops as Ethena exits Hyperliquid’s USDH stablecoin race^[3]. Meanwhile, StablecoinX’s treasury strategy mirrors Bitcoin treasury models, with locked ENA holdings intended to enhance scarcity and stabilize value. Daily buybacks of $5 million to $10 million, contingent on price thresholds, aim to reduce supply by up to 8%Ethena (ENA) Buybacks Accelerate as StablecoinX Lifts Total^[4].

The institutional backing and regulatory developments further contextualize StablecoinX’s expansion. The merger includes $260 million in cash and $100 million in locked ENA tokens, managed by a joint investment committee with the Ethena Foundation. This structure grants the Foundation veto rights over ENA sales, ensuring governance continuityStablecoinX Plans Nasdaq Listing and $360M ENA Token Reserve^[5]. Concurrently, U.S. lawmakers have advanced legislation formalizing stablecoin oversight, including reserve requirements, which could bolster market legitimacy for projects like StablecoinXUS regulation, Circle IPO signal mood shift around stablecoins^[6].

Market dynamics highlight the significance of these moves. Ethena’s USDe token, currently the third-largest on-chain stablecoin with $6.1 billion in market capitalization, benefits from the reduced ENA supply and institutional liquidity. The buyback program, combined with initial capital raises, now covers approximately 20% of ENA’s circulating supply, creating a deflationary pressureStablecoinX Secures $530M Investment to Back Ethena-Linked Treasury^[7]. Analysts note that such strategies, while common in Bitcoin treasuries, are novel in the stablecoin sector, potentially influencing broader market adoptionEthena (ENA) Buybacks Accelerate as StablecoinX Lifts Total^[8].

StablecoinX’s Nasdaq listing and ENA treasury model reflect a broader trend of traditional finance integrating with crypto infrastructure. The company’s focus on staking services and corporate reserves, coupled with regulatory clarity, positions it to capitalize on the growing demand for stablecoin-backed assets. As the Ethena Foundation and institutional partners continue to align incentives, the ENA token’s trajectory will depend on sustained buyback execution and market confidence in its decentralized governance frameworkStablecoinX Plans Nasdaq Listing and $360M ENA Token Reserve^[9].