StableCoinx, a new infrastructure company within the Ethena ecosystem, will go public through a integration with the TLGY Acquisition Corp., which has gained $ 360 million to produce a Crypto Corporate Reserve anchored by the ENA token.
After the integration, the combined company will be called Stablecoinx Inc., and Plans To list its Class A sharing in the Nasdaq Stock Exchange under the ticker symbol “USDE.” The new company will provide infrastructure and staking services for the Etherna Protocol, while the Ethena Foundation will maintain most voting power in Stablecoinx following integration.
The deal includes a $ 360 million private investment in public equity, with $ 260 million cash and $ 100 million with discount, locked Etena (This one) Tokens, native Protocol coins. Supporters include the Ethena Foundation next to Ribbit Capital, Pantera, Dragonfly, Galaxy Digital, Haun Ventures and Polychain, among others.
Ethena is currently the third largest onchain stablecoin issuer, with the USDE token holding a market capitalization of approximately $ 6.1 billion, behind Tether’s USDT (USDT) at $ 162 billion and USDC of Circle (USDC) to nearly $ 64 billion.
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Integration is part of a five-year-old cooperation tied to Stablecoinx in Ethena’s long-term development. A joint investment committee will guard the Treasury operations, whose transaction is expected to close the fourth quarter of 2025.
Related: USDC Issuer Circle Debuts Public Trading on New York Stock Exchange
Inside the stablecoinx treasury approach
In a statement from Stablecoinx, TLGY Acquisition Corp. And the Etherna Foundation, companies explained their approach to the ENA treasury.
Starting immediately, $ 260 million cash will be used to buy the locked tokens of the ENA through a token purchase agreement. The Ethena Foundation will start a purchase of ENA tokens in public markets over the next six weeks of nearly $ 5 million a day, representing nearly 8% of the circulating -moving supply at the current price.
The goal is for Stablecoinx to build a lasting wealth ark by locking this supply and never selling token.
Moving reflects the approach of Bitcoin treasury companies like approachthat accumulates BTC as a long-term store of value and strategic property. Instead of Bitcoin, Stablecoinx builds an ENA reserve, which provides exposure to the public market in the Stablecoin market.
Related: Dubai Regulator Greenlight Ripple’s Rlusd Stablecoin
US regulation, circle of IPO signal mood shift around stablecoins
Stablecoinx’s upcoming NASDAQ debut arrives as US policies move toward more accurate Stablecoin regulation, and traditional finances are beginning to embrace the sector through public offerings.
On Thursday, members of the US House of Representative passed Three pieces of crypto law. The Stablecoin Bill is Signed in Law Friday by President TrumpWhile the other two pieces of law will now go to the Senate to consider.
Circle, the company behind the USDC, Went public in early June On Wall Street. Since then, its shares have risen more than 600% from the IPO price of $ 31.
Magazine: Bitcoin vs Stablecoins Showdown Looms while the Genius Act is near
