Ethena Foundation's $360M SPAC Deal: StablecoinX to Acquire ENA and List as 'USDE' on Nasdaq

TLGY Acquisition Corp. (OTC: TLGYF), a special purpose acquisition company (SPAC), has announced a merger agreement with StablecoinX Assets Inc., a newly formed validator and infrastructure provider supporting the Ethena ecosystem. The merged entity, to be named StablecoinX Inc., plans to go public on Nasdaq under the ticker symbol “USDE.”

To fund the deal, both parties have secured $360 million through a private investment in public equity (PIPE). This includes $60 million from the Ethena Foundation, along with contributions from major investors such as Dragonfly, Ribbit Capital, Blockchain.com, Pantera Capital, ParaFi Capital, Haun Ventures, Polychain Capital, Galaxy Digital, and Wintermute.

StablecoinX’s treasury initiative marks a significant step toward expanding institutional participation in the Ethena ecosystem. "By systematically accumulating ENA through a transparent, permanent‑capital vehicle, StablecoinX will give public market investors a clear, accessible way to gain exposure to one of the most compelling growth stories in all of finance - digital dollars upgrading money to the internet era," said Guy Young, founder of Ethena Labs and advisor to StablecoinX.

StablecoinX and Ethena Foundation Enter Five-Year Partnership, Launch $260 Million ENA Acquisition Plan

Of the total PIPE funding, $260 million will be used to purchase locked ENA tokens from a subsidiary of the Ethena Foundation. In parallel, the Foundation has initiated a $260 million ENA token buyback program on public markets, with third-party market makers deploying around $5 million per day over six weeks. This represents roughly 8 percent of ENA’s current circulating supply.

As part of a five-year strategic partnership, StablecoinX will act as a long-term ecosystem partner of the Ethena Foundation. Under the agreement, StablecoinX will hold ENA as a permanent capital asset. These tokens cannot be sold, loaned, or staked without Foundation approval. All major financial and token-related decisions must be reviewed by a three-member committee that includes a Foundation representative.

The Foundation retains full veto rights over any ENA sales by StablecoinX. The strategy is focused solely on accumulation. Any future capital raised by StablecoinX for acquiring more ENA will also be used to purchase spot ENA on public markets.

The PIPE financing anchors a multi-year treasury strategy aimed at building a substantial reserve of ENA, the native token of the Ethena protocol. Ethena is currently the third-largest issuer of digital dollars on-chain, following Tether and Circle.

Following the announcement, ENA rose from $0.493 to $0.582, marking an increase of 18%. The token had been on a strong upward trend since last week but is now undergoing a pullback, currently trading at $0.50.