StablecoinX Becomes First Public Firm to Adopt Ethena Treasury Strategy with $360M Investment

StablecoinX has emerged from a high-profile merger as the first publicly traded company to anchor its treasury strategy around the Ethena ecosystem. With $360 million secured in fresh capital, the firm plans to invest aggressively in ENA, the native token of the Ethena protocol, marking a strategic milestone for stablecoin infrastructure in public markets.

Born from the merger of special-purpose acquisition company TLGY Acquisition Corp. and StablecoinX Assets Inc., the new entity will be listed on the Nasdaq Global Market under the ticker USDE. The transaction also includes a $60 million allocation in ENA provided by the Ethena Foundation.

Backing the $360 million private investment in public equity (PIPE) round are prominent crypto venture capital firms, including Pantera Capital, Dragonfly, Ribbit Capital, Haun Ventures, Blockchain.com, and Galaxy Digital. The capital will support a multi-year strategy aimed at capturing value from growing global demand for stablecoins.

According to Young Cho, CEO of both TLGY and SC Assets, this initiative will offer public market investors regulated access to one of crypto's most promising infrastructures. "Deploying capital to accumulate ENA at scale is a deliberate, multi‑year capital allocation strategy that will enable StablecoinX to capture the value driven by the secular surge in demand for digital dollars while compounding intrinsic value per share," Cho explained.

Ethena, known for its synthetic dollar protocol on Ethereum, powers stablecoins such as USDe and USDtb. Despite its growing prominence, access to ENA has been largely limited to crypto-native environments. StablecoinX’s public listing aims to bridge that gap.

The company has committed to purchasing $5 million in ENA daily for the next six weeks using third-party market makers, representing 100% of the $260 million in liquid capital earmarked for this purpose. This strategy is expected to net approximately 8% of ENA’s circulating supply. Additional investments may follow through negotiated spot transactions.

Ethena’s recent rebound—trading above $1.25—has underscored investor interest amid rising adoption of U.S. dollar-backed tokens. StablecoinX’s bold treasury allocation may pave the way for other publicly traded entities to enter the stablecoin and synthetic asset space, particularly as regulatory clarity and institutional appetite continue to grow.