TLGY Acquisition Corp. has announced the formation of StablecoinX, which will focus on the acquisition and holding of the ENA token from Ethena. This decision has notably impacted the stock of TLGY.
Formation of StablecoinX and TLGY's Strategy
According to Bloomberg, TLGY Acquisition Corp. is merging with a smaller business to create StablecoinX, whose main task is reported to be buying and holding ENA. TLGY has already secured $260 million in cash and another $100 million in ENA at a discount. This partnership includes funds from the Ethena Foundation and crypto investors such as Pantera Capital and Galaxy Digital. Following the announcement, TLGY's stock jumped by approximately 54%.
Partnership with Ethena and USDe Structure
Ethena is not a standard stablecoin protocol. It issues USDe—a synthetic dollar that does not use treasury bills like USDC or USDT for price support. Instead, it utilizes stETH, a tokenized version of staked Ether. StablecoinX aims to leverage this structure for long-term returns, having signed a five-year agreement with the Ethena Foundation.
Political Influence and Cryptocurrency Market
Ethena has strategic ties with World Liberty Financial, a firm connected to former President Donald Trump's family. This relationship provides StablecoinX with opportunities at the growing intersection of cryptocurrency and U.S. politics, becoming increasingly relevant as legislation develops. TLGY CEO Young Cho highlighted the decision as part of a multi-year capital allocation strategy amid surging demand for digital dollars.
The partnership with Ethena and the creation of StablecoinX highlight growing interests in digital assets and their potential integration into the current political landscape in the U.S. TLGY expects the transaction to close in the fourth quarter of 2025 and plans to list on Nasdaq under the ticker USDE.
