A new infrastructure company within the Ethena ecosystem is getting public through merger with StableCoinx, TLGY Aquisition Corp, which is earning $ 360 million to create a crypto corporate reserve anchored by ENA tokens.
After the merger, the joint company to Stablecoinx Inc. Will be said, and Scheme of To list your class A shares on the NASDAQ stock exchange under the tick symbol “Usde”. The new company will provide infrastructure and staking services for the Ethana Protocol, while the Athena Foundation will maintain majority voting power in Stabelcoinx after the merger.
The deal includes a private investment of $ 360 million in public equity, with $ 260 million cash and $ 100 million discount, the basic coin of the Lock Ethan (ENA) token, protocol. Backers include ribbit capital, Pantera, Dragonfly, Galaxy Digital, Hon Ventures and Ethena Foundation with polychen.
Ethana is currently the third largest onchen Stabelcoin issuer, its USDE token has capitalized a market of about 6.1 billion dollars, which is at $ 162 billion from Tether’s USDT (USDT) and USDC of Circle (USDC) About $ 64 billion.
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The merger is part of a five -year renewable partnership that connects Stabechoinx to the long -term development of Athena. A Joint Investment Committee will oversee the treasury operation, which is expected to close the transaction in the fourth quarter. 2025,
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Stablecoinx’s Eena under Treasury Strategy
In a press statement of Stablecoinx, TLGY Aquisition Corp and Ethena Foundation, companies spoke about their ENA Treasury Strategy.
Immediately, $ 260 million cash will be used to purchase the ENA tokens locked through the token procurement agreement. Ethena Foundation will start a buyback of ENA tokens on public markets in the next six weeks, representing about 8% of the circulating supply of ENA at current prices at current prices.
The target is for stablecoinx to make a long -term treasure by locking this supply and never selling tokens.
This step reflects the attitude of bitcoin treasury companies such as strategy, which accumulates BTC as a long -term store of value and strategic property. Instead of bitcoin, Stablecoinx is creating a reserve of ENA, which gives shareholders a public market risk to the StableCoin market.
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US Regulation, Circle IPO Signal Mood Shift
The upcoming Nasdaq debut of StableCoinx comes as American policy makers move towards more accurate stablecoin regulation, and traditional finance begins to embrace the region through public offerings.
On Thursday, members of the US House of Representatives passed three pieces of the Crypto Act, including a Stabecoin Bill that establishes reserved requirements and regulatory inspections for the issuance, ending dollar-supported digital assets a formal legal structure in the US. The Stabelcoin Bill was signed in the law by President Trump on Friday, while the other two pieces of law would now be for consideration for the Senate.
Circle, the company behind the USDC, made public publicly on Wall Street. Since then, its stocks have increased more than 600% from an IPO price of $ 31.
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