StablecoinX Secures $360 Million for Nasdaq Debut Amid US Regulation

StablecoinX, a new infrastructure company within the Ethena ecosystem, is set to go public through a merger with TLGY Acquisition Corp. This strategic move will secure $360 million to build a crypto corporate reserve anchored by the ENA token. The combined company will be named StablecoinX Inc. and plans to list its Class A shares on the Nasdaq stock exchange under the ticker symbol “USDE.” The new entity will provide infrastructure and staking services for the Ethena protocol, with the Ethena Foundation retaining majority voting power in StablecoinX following the merger.

The deal includes a $360 million private investment in public equity, comprising $260 million in cash and $100 million in discounted, locked Ethena (ENA) tokens, the protocol's native coin. Notable backers include the Ethena Foundation, Ribbit Capital, Pantera, Dragonfly, Galaxy Digital, Haun Ventures, and Polychain, among others. Ethena is currently the third-largest onchain stablecoin issuer, with its USDe token holding a market capitalization of approximately $6.1 billion, trailing behind Tether's USDt (USDT) at $162 billion and Circle’s USDC (USDC) at nearly $64 billion.

The merger is part of a five-year renewable partnership that ties StablecoinX to Ethena’s long-term development. A joint investment committee will oversee treasury operations, with the transaction expected to close in the fourth quarter of 2025. The ENA treasury strategy involves using $260 million in cash to buy locked ENA tokens via a Token Purchase Agreement. The Ethena Foundation will initiate a buyback of ENA tokens on public markets over the next six weeks, representing nearly 8% of ENA’s circulating supply at current prices. The goal is for StablecoinX to build a long-term treasury by locking up this supply and never selling the token, mirroring the approach of Bitcoin treasury companies that accumulate BTC as a long-term store of value and strategic asset.

StablecoinX’s upcoming Nasdaq debut comes as US policymakers move toward more precise stablecoin regulation, and traditional finance begins embracing the sector through public offerings. On Thursday, members of the US House of Representatives passed three pieces of crypto legislation, including a stablecoin bill that establishes reserve requirements and regulatory oversight for issuers, finally giving dollar-backed digital assets a formal legal framework in the US. The stablecoin bill was signed into law on Friday by President Trump, while the other two pieces of legislation will now head to the Senate for consideration. This regulatory clarity and the growing acceptance of stablecoins in traditional finance are likely to bolster investor confidence in StablecoinX and the broader stablecoin market.