StablecoinX SPAC Merger Secures $360M to Build ENA Treasury as Token Rises 50% in a Week

StablecoinX has secured $360 million in funding to acquire ENA tokens from the Ethena Foundation, a move aimed at establishing a treasury of ENA—a synthetic dollar protocol token—and facilitating its public listing via a SPAC merger with TLGY Acquisition Corp. The newly formed entity, which will trade on Nasdaq under the ticker "USDE," represents the first publicly traded firm to adopt a treasury strategy focused on ENA [1]. The merger, finalized on July 21, 2025, includes a $360 million private investment in public equity (PIPE) round backed by major crypto venture capital firms such as Pantera Capital, Dragonfly, and Galaxy Digital [2]. The Ethena Foundation contributed $60 million in ENA tokens to the deal, underscoring institutional alignment with the initiative [3].

StablecoinX plans to purchase $5 million worth of ENA daily for six weeks through third-party market makers, targeting the accumulation of approximately 8% of the token’s circulating supply. This strategy mirrors broader trends in crypto treasury management, where token buybacks are used to stabilize markets and enhance long-term value [4]. Young Cho, CEO of both TLGY and StablecoinX Assets, emphasized the merger’s potential to "compound intrinsic value per share" through multi-year capital allocation, positioning the firm to expand Ethena’s reach into traditional capital markets [5]. The transaction also reflects a growing appetite for institutional-grade stablecoin infrastructure, with analysts highlighting the alignment of Ethena’s synthetic dollar protocol with evolving U.S. regulatory frameworks [6].

The acquisition has already triggered a 50% price surge in ENA over one week, with the token trading above $0.50 and attracting significant whale accumulation. This volatility highlights the market’s sensitivity to large-scale token purchases, a dynamic observed in prior DeFi treasury strategies like MakerDAO’s DAI buybacks [7]. The SPAC structure, which allocates 60% of the raised capital to ENA purchases and 40% to operational growth, is seen as a strategic pivot toward maturing crypto infrastructure [8]. By locking ENA in a public treasury, StablecoinX aims to reduce volatility and boost liquidity, potentially enhancing investor confidence in synthetic dollar alternatives to established stablecoins like Tether and Circle [9].

Critics and analysts note that the success of the initiative hinges on Ethena’s ability to maintain peg stability and navigate regulatory scrutiny. While the Nasdaq listing offers a governance framework appealing to risk-averse investors, the broader DeFi market remains cautious about the long-term sustainability of such strategies. The SPAC merger’s emphasis on capital allocation and tokenomics aligns with historical crypto transactions, but its impact on Ethena’s ecosystem will depend on sustained institutional support and market adoption [10].

The deal also underscores the rising role of venture capital in crypto, with firms like Pantera and Dragonfly committing significant resources to treasury-focused public companies. This trend reflects a broader industry shift toward institutional-grade solutions, bridging decentralized finance and traditional capital markets [11]. As StablecoinX proceeds with its listing, the market will closely monitor the firm’s ability to balance public market expectations with the decentralized ethos of the Ethena protocol.

Source: [1] [Cointelegraph](https://cointelegraph.com/news/stablecoinx-spac-merger-ena-treasury-ethena) [2] [Stock Titan](https://www.stocktitan.net/news/TLGYF/tlgy-acquisition-corp-announces-business-combination-and-edlmwnomytfz.html) [3] [KuCoin](https://www.kucoin.com/news/flash/venture-capitalists-invest-360m-in-ethena-backed-crypto-treasury-firm) [4] [Crypto News](https://crypto.news/stablecoinx-launches-ethena-treasury-strategy-with-360m-ena-buy) [5] [Crypto News](https://crypto.news/stablecoinx-launches-ethena-treasury-strategy-with-360m-ena-buy) [6] [USA Herald](https://usaherald.com/stablecoin-treasury-firm-goes-public-via-360m-spac-deal/) [7] [Live Bitcoin News](https://www.livebitcoinnews.com/stablecoinx-to-go-public-with-tlgy-builds-360m-ena-reserve/) [8] [CoinDesk](https://www.coindesk.com/business/2025/07/21/crypto-treasury-fever-spreads-to-ethena-as-360m-spac-deal-targets-ena-accumulation) [9] [Crypto News](https://crypto.news/stablecoinx-launches-ethena-treasury-strategy-with-360m-ena-buy) [10] [Cointelegraph](https://cointelegraph.com/news/stablecoinx-spac-merger-ena-treasury-ethena) [11] [AInvest](https://www.ainvest.com/news/stablecoinx-raises-360-million-acquire-ena-tokens-boosting-ethena-9-2507/)