- StablecoinX merges with TLGY, securing $360M ENA reserve for growth.
- Five-year renewable deal expands Ethena’s stablecoin reach and power.
- Ethena Foundation grows ENA supply, eyes stablecoin market leadership soon.
StablecoinX, a new company within the Ethena ecosystem, is ready to go public. The firm has announced a merger with TLGY Acquisition Corp. Through this deal, StablecoinX will secure $360 million. The funds will enable the company to establish a big crypto reserve pegged to the ENA token.
StablecoinX, Ethena Seal Five-Year Deal to Expand ENA Reserve
ENA is a native token of Ethena, which has become the third-largest stablecoin issuer on the blockchain. Ethena follows giants such as Tether and Circle. Nonetheless, StablecoinX intends to utilize its new treasury by enhancing Ethena as a stablecoin player in the expanding stable track.
This is a $360 million private investment in public equity (PIPE). This cumulative total will include 260 million in cash, and 100 million of discounted, locked ENA tokens. These tokens will be stored and maintained as an extended strategy of StablecoinX.
This merger is a critical move, according to Young Cho, TLGY and SC Assets CEO. He explained that investors have not been able to appreciate access to ENA easily through regular markets. The new StablecoinX will now provide public market investors with a transparently and efficiently governed avenue to become exposed to the Ethena ecosystem.
Additionally, StablecoinX feels that a large amount of ENA as its reserve will add value to its shareholders. The company anticipates that stablecoins will still gain popularity across the globe. As such, investors may reap stable returns in the years ahead of them due to early and robust exposure to ENA.
The new treasury approach is not short-lived. It will operate on a five-year renewable partnership basis with Ethena. The reserve will be operated by a joint investment committee that will monitor the utilization of the funds. The company will buy additional ENA in the main markets via reputable market makers. This is a process that will commence at once and extend into years.
Ethena Eyes Growth as Stablecoin Market Nears $6.1 Billion Value
Ethena Foundation is also playing an active role in this project. By selling ENA through the Token Purchase Agreement, the Foundation aligns its future with its investors and StablecoinX. The aim of the Foundation is to increase the supply of ENA and improve its position in the stablecoin market.
The merger occurs when the stablecoin market is heating up. The value of Ethena is approximately 6.1 billion dollars. Comparatively, Tether USDt is at 162 billion, and USDC is nearly 64 billion by Circle. With the assistance of the huge reserve of StablecoinX, Ethena intends to bridge this gap in the next years.
Simultaneously, the US government is getting nearer to more evident crypto regulations. The House of Representatives only last week passed three new crypto laws. One of these laws is on stablecoins. It provides guidelines on reserves and regulatory control.
The decision of StablecoinX to launch its listing at the Nasdaq indicates the way traditional finance is adopting cryptocurrency. With the crypto industry regulated further, other companies are likely to emulate the approach of StablecoinX. Such a transaction may become the pivot of the way in which the stablecoin market engages with public investors.
The merger will not be finalized yet, as it is likely to be completed in the fourth quarter of 2025. Provided there are no hiccups, it is soon that StablecoinX will provide the shareholders with exclusive access to the blistering stablecoin ecosystem of Ethena.
