StablecoinX to go public via SPAC merger, raising $360M for ENA treasury
The new entity will manage a crypto corporate reserve powered by the ENA token, with investors including Pantera, Galaxy Digital and the Ethena Foundation.
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.
