StablecoinX, a newly formed company resulting from the merger of TLGY Acquisition and StablecoinX Assets Inc., is poised to become the first public firm to acquire Ethena and establish a treasury strategy.
Formation of StablecoinX
StablecoinX was formed following the merger of TLGY Acquisition with StablecoinX Assets Inc., and it plans to be listed on the Nasdaq Global Market under the ticker symbol USDE.
Strategy and Investments
The company has secured $360 million in a capital raise, including $60 million from Ethena. Additionally, notable venture capital firms like Pantera Capital, Dragonfly, and Galaxy Digital contributed to the capital commitments.
Purchase of Ethena Tokens
StablecoinX plans to purchase $5 million worth of Ethena tokens daily over the next six weeks, which will allow the company to acquire approximately 8% of the circulating supply of the ENA token.
The formation of StablecoinX and its acquisition of Ethena represents a significant step in the development of the stablecoin sector, potentially providing public investors with new access to the Ethena ecosystem.
