StablecoinX to Go Public via SPAC Merger, Raising $360M for ENA Treasury
The post StablecoinX to Go Public via SPAC Merger, Raising $360M for ENA Treasury appeared on BitcoinEthereumNews.com. StablecoinX, a new infrastructure company within the Ethena ecosystem, is going public through a merger with TLGY Acquisition Corp., securing $360 million to build a crypto corporate reserve anchored by the ENA token. After the merger, the combined company will be called StablecoinX Inc., and plans to list its Class A shares on the Nasdaq stock exchange under the ticker symbol “USDE.” The new company will provide infrastructure and staking services for the Ethena protocol, while the Ethena Foundation will retain majority voting power in StablecoinX following the merger. The deal includes a $360 million private investment in public equity, with $260 million in cash and $100 million in discounted, locked Ethena (ENA) tokens, the protocol’s native coin. Backers include the Ethena Foundation alongside 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, 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. Related: USDC issuer Circle debuts public trading on New York Stock Exchange Inside stablecoinX’s ENA treasury strategy In a press statement from StablecoinX, TLGY Acquisition Corp. and the Ethena Foundation, the companies explained their ENA treasury strategy. Starting immediately, $260 million in cash will be used 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 of about $5 million a day, representing nearly 8% of ENA’s circulating supply at current prices. The goal is for StablecoinX…
The post StablecoinX to Go Public via SPAC Merger, Raising $360M for ENA Treasury appeared on BitcoinEthereumNews.com.
StablecoinX, a new infrastructure company within the Ethena ecosystem, is going public through a merger with TLGY Acquisition Corp., securing $360 million to build a crypto corporate reserve anchored by the ENA token. After the merger, the combined company will be called StablecoinX Inc., and plans to list its Class A shares on the Nasdaq stock exchange under the ticker symbol “USDE.” The new company will provide infrastructure and staking services for the Ethena protocol, while the Ethena Foundation will retain majority voting power in StablecoinX following the merger. The deal includes a $360 million private investment in public equity, with $260 million in cash and $100 million in discounted, locked Ethena (ENA) tokens, the protocol’s native coin. Backers include the Ethena Foundation alongside 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, 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. Related: USDC issuer Circle debuts public trading on New York Stock Exchange Inside stablecoinX’s ENA treasury strategy In a press statement from StablecoinX, TLGY Acquisition Corp. and the Ethena Foundation, the companies explained their ENA treasury strategy. Starting immediately, $260 million in cash will be used 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 of about $5 million a day, representing nearly 8% of ENA’s circulating supply at current prices. The goal is for StablecoinX…
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