Ethena Launches StablecoinX to Hoard 8% of $ENA Supply—Is This the Next Big Crypto Treasury Play

The Ethena Foundation is kicking off a new chapter in its stablecoin playbook.

It’s launching a company called StablecoinX Inc., a crypto-focused SPAC backed by some of the biggest names in the industry, to begin a structured accumulation of its native ENA token.

The plan? Use proceeds from a $360 million funding round to purchase a sizable stake in ENA and take the venture public on Nasdaq under the ticker symbol “USDE.”

A SPAC, a treasury, and a lot of ENA

StablecoinX is forming through a merger with TLGY Acquisition Corp, a blank-check company. The deal includes a $60 million contribution from the Ethena Foundation and $300 million in additional commitments from major backers like Pantera Capital, Blockchain.com, Galaxy Digital, and Dragonfly.

The team will allocate $260 million of this toward buying ENA from a subsidiary of the Ethena Foundation, beginning with a structured rollout of $5 million in purchases daily over the next six weeks.

At current market levels, that’s roughly 8% of ENA’s circulating supply.

Ethena says the buybacks will be executed through third-party market makers and that StablecoinX’s core strategy is to hold, not sell, the tokens. In fact, the Foundation retains full veto rights over any potential ENA sales.

The new vehicle also plans to run ENA infrastructure and offer staking services.

Bringing stablecoins closer to Wall Street

With this initiative, Ethena is looking to bridge the gap between crypto and public markets. ENA is the native token powering Ethena’s Ethereum-based synthetic dollar, USDe, which relies on a delta-hedging strategy to maintain its peg.

In June, the protocol partnered with Securitize to enable atomic transfers between BlackRock’s tokenized BUIDL fund and Ethena’s USDtb, signaling deeper integration with traditional finance.

According to Ethena Director Marc Piano, the idea behind StablecoinX is to build long-term alignment between institutional capital and the ENA ecosystem.

“This structure ensures capital entering the ecosystem is value-accretive,” Piano said, noting that the treasury strategy is designed for long-term accumulation. With StablecoinX stepping into the public equity arena, equity investors now have another way to gain exposure to the stablecoin economy’s growth curve.

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