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- StablecoinX is raising $360 million to acquire ENA and back the Ethena ecosystem with long-term support.
- The company plans to go public on Nasdaq under the ticker “USDE” to expand Ethena’s decentralized stablecoin model.
StablecoinX is making a major move with plans to acquire $360 million worth of ENA tokens and prepare to list its shares on the Nasdaq under the ticker “USDE.” StablecoinX will be the first publicly traded vehicle focused solely on supporting the growth of the DeFi stablecoin Ethena, with a fairly aggressive but structured approach.
StablecoinX Inc. @stablecoin_x has announced a $360 million capital raise to purchase $ENA and will seek to list its Class A common shares on the Nasdaq Global Market under the ticker symbol "USDE", which includes a $60 million contribution of ENA from the Ethena Foundation… pic.twitter.com/sgfD8P9m05
— Ethena Labs (@ethena_labs) July 21, 2025
StablecoinX to Acquire ENA Without Selling or Lending the Tokens
Of the total funds raised, $260 million will be used to purchase ENA using cash, while the remainder will be contributed in tokens, including $60 million worth of ENA directly from the Ethena Foundation.
Furthermore, these token purchases are scheduled to occur in increments of approximately $5 million per day over the next six weeks. This purchase volume could reach approximately 8% of the total ENA supply currently circulating in the market.
What makes this move somewhat unusual is that all purchased tokens will not be sold, loaned, or even touched for any other purpose unless officially approved by the Ethena Foundation. The goal is clear: strengthening the ecosystem, not seeking instant profits.
However, StablecoinX’s mission goes beyond simply being an ENA repository. After officially forming through a merger with a SPAC called TLGY Acquisition Corp., StablecoinX will become a public company that will also handle critical technical tasks like staking and network validation for Ethena.
The company’s Class A shares will be freely traded on the Nasdaq, while voting ownership will remain with Ethena through its Class B shares. So, while public investors can support the ecosystem, strategic decisions will remain internally held.
Major investors like Pantera, Galaxy Digital, Polychain, and Dragonfly have also joined the list of backers. So, it’s not just Ethena and StablecoinX that are all in, old players in the crypto space are also betting on this.
Ethena Ecosystem Grows With Real-World Assets and Broader Access
Furthermore, in a CNF report on July 12th, Strata also officially joined the Ethena network to develop financial products based on sUSDe and real-world assets. This protocol allows investors to spread risk and gain exposure more tailored to their preferences to Ethena’s yield-generating assets. This demonstrates that the ecosystem is growing not only technically, but also structurally and functionally.
Furthermore, Ethena’s integration efforts are also intensifying. At the end of May, their crypto savings product was directly connected to several major wallets on the TON network, allowing users to stake and claim yields in tsUSDe without leaving Telegram, let alone the hassle of using cross-chain bridges or centralized platforms. It’s convenient, and frankly—quite tempting.
And don’t forget, last April, as we covered, Ethena also brought USDe and sUSDe to the BNB Chain network. This integration allows users to swap, borrow, and even earn yield directly on a network known for its speed and scalability.
Meanwhile, as of press time, ENA is changing hands at about $0.4787, up 42.77% over the last 7 days and 95.78% over the last 30 days.
