Ethena’s StablecoinX Secures $360M, Targets USDE Listing

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Ethena’s StablecoinX Secures $360 Million, Targets USDE Listing

Written by Aaron S.,

Editor-In-Chief

Last Updated: July 22, 2025

Key Takeaways

StablecoinX is going public via a merger with TLGY by raising $360 million to back its reserve with ENA, Ethena’s native token;
Post-merger, StablecoinX will list on Nasdaq as "USDE" and offer infrastructure support to the Ethena ecosystem;
Ethena plans to purchase $5 million worth of ENA daily for a period of six weeks.

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Ethena’s StablecoinX Secures $360 Million, Targets USDE Listing

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A new service provider for the Ethena network, StablecoinX, is heading to the public market through a merger with TLGY Acquisition Corp.

The deal will bring in $360 million, which StablecoinX plans to use to build a reserve backed by ENA, the native token of the Ethena protocol.

Once the merger is finalized, the company will operate under the name StablecoinX Inc. Its Class A shares are expected to be listed on the Nasdaq under the ticker symbol "USDE".

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The company will focus on providing infrastructure and staking services that support the Ethena ecosystem. Governance will remain with the Ethena Foundation, which will keep majority voting rights.

The funding consists of a private investment in public equity, which combines $260 million in cash with $100 million in locked ENA tokens offered at a discount. Investors backing the deal include the Ethena Foundation, Ribbit Capital, Pantera, Dragonfly, Galaxy Digital, Haun Ventures, and Polychain.

The merger is part of a longer-term partnership between StablecoinX and the Ethena Foundation, which will last five years and can be renewed. A joint committee from both sides will manage the reserve. The deal is expected to close by the end of 2025.

As part of their reserve strategy, the companies shared plans for how the funds will be used. The $260 million in cash will be used to purchase locked ENA tokens through a formal agreement.

Additionally, the Ethena Foundation will carry out daily token purchases from the open market, about $5 million each day, for the next six weeks.

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