Stablecoinx, a new infrastructure company within the Ethena ecosystem, makes public by a merger with Tlgy Acquisition Corp., obtaining $ 360 million to build a reserve of cryptographic business 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 “USDE” Ticker symbol. The new company will provide infrastructure and development services for the Ethena protocol, while the Ethena Foundation will retain the majority voting power in Stablecoinx after the merger.
The agreement includes a private investment of 360 million dollars in public equity, with 260 million dollars in cash and $ 100 million in Ethena tokens locked at reduced prices (ENA), the indigenous part of the protocol. Donors include the Ethena Foundation alongside Ribbit Capital, Pantera, Dragonfly, Galaxy Digital, Haun Ventures and Polychain, among others.
Ethena is currently the third stable -coin onchain emitter, with its USDE token with a market capitalization of approximately $ 6.1 billion, behind the USDT of Tether (USDT) at $ 162 billion and USDC (USDC) from Circle at nearly $ 64 billion.
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The merger is part of a five -year renewable partnership which links Stablecoinx to the long -term development of Ethena. A joint investment committee will oversee the Treasury operations, the transaction should end in the fourth quarter of 2025.
In relation: USDC Isuer Circle made its public debut on the New York Stock Exchange in New York
Stablecoin stablecoin Treasury Stoist
In a press release from Stablecoinx, Tlgy Acquisition Corp. And the Ethena Foundation, the companies have explained their ENA treasury strategy.
From immediately, 260 million dollars in cash will be used to buy ENA tokens locked via a chip purchase agreement. The Ethena Foundation will launch a takeover of ENA tokens on public procurement in the next six weeks of approximately $ 5 million per day, representing almost 8% of ENA’s circulating offer at current prices.
The objective is that Stablecoinx builds a long -term treasure by locking this offer and never selling the token.
This decision reflects the approach of Bitcoin cash companies as a strategy, which accumulates BTC as a long -term store of strategic value and assets. Instead of Bitcoin, Stablecoinx builds a reserve of ENA, giving shareholders a public market exhibition at the Stablescoin market.
In relation: Dubai Regulator Greenlights Rusd Stablecoin of Ripple
American regulation, mood shift circle of the Introduction signal on the stock market around stablescoins
The upcoming beginnings of Stablecoin Nasdaq intervened while American decision -makers are heading for a more precise regulation of Stablecoin, and traditional finance begins to adopt the sector through public offers.
Thursday, members of the United States House of Representatives adopted three cryptography laws, including a stable bill which establishes reserve requirements and regulatory surveillance for issuers, finally giving digital assets supported in dollars an official legal framework in the United States. Friday, the StableCoin bill was promulgated by President Trump, while the other two legislation exercises will now go to the Senate for examination.
Circle, the company behind the USDC, became a public in early June in Wall Street. Since then, its shares have increased by more than 600% compared to its price of IPF of $ 31.
Magazine: Bitcoin vs Stablecoins.
