Arthur Hayes, a well-known crypto investor, supported a $360 million deal that involves Ethena Labs' entry into the stock market through a merger with StablecoinX. This initiative seeks to enhance the visibility and liquidity of the ENA token.
StablecoinX Deal Details
The $360 million deal involves $260 million in cash and $100 million in ENA tokens. The merger with TLGY Acquisition Corp. is planned for the fourth quarter of 2025, with a proposed listing on Nasdaq under the USDE ticker.
Impact on ENA Token Market
The Ethena Foundation intends to use the $260 million for buying back ENA tokens on the open market. The buyback will occur over six weeks at an average volume of about $5 million a day, totaling 8% of the existing token supply.
Future Prospects and Predictions
The StablecoinX deal creates opportunities for institutional and retail investors seeking access to stable digital dollar protocols. The ENA token has increased by more than 110% this year and continues to show strong positive momentum.
Arthur Hayes' support and the successful completion of the StablecoinX deal could lead to significant changes in the popularity and value of the ENA token in public markets, opening new prospects for Ethena and its ecosystem.
