Ethena Spins Off StablecoinX as $360M ENA Buyback Begins

- Ethena Foundation plans to list StablecoinX on Nasdaq through a SPAC merger. - PIPE financing will fund a $360 million ENA token buyback. On July 21, 2025, *The Block* reported that Ethena Foundation announced the launch of StablecoinX Inc., a new crypto treasury company that aims to go public on Nasdaq with the ticker symbol USDE. A merger with TLGY Acquisition Corp, a special purpose acquisition company (SPAC), will facilitate this listing, while the initiative also includes a $360 million buyback of Ethena’s native ENA token funded by private investment in public equity (PIPE) financing. Top-tier firms such as Dragonfly, Ribbit Capital, Blockchain.com, Pantera Capital, ParaFi Capital, Haun Ventures, Polychain Capital, Galaxy Digital, and Wintermute are backing the PIPE financing. This project seeks to increase demand for USDe, Ethena’s Ethereum-based synthetic dollar, which uses a delta-hedging mechanism to maintain stability. To support this, StablecoinX will accumulate a large reserve of ENA tokens, aiming to maximize ENA per share and provide robust ecosystem support for USDe. In addition to the buyback, StablecoinX will also manage ENA token infrastructure and offer staking services to enhance long-term shareholder value. Ethena Foundation has committed $60 million of its own funds to the PIPE financing, signaling strong support for the initiative. The foundation will also hold veto power over future ENA sales by StablecoinX to ensure the company maintains its strategic focus on token accumulation. The merger requires shareholder and Nasdaq approval, and the companies expect to conclude the deal in the fourth quarter of 2025, after which StablecoinX shares will be ready for trading. According to the latest market data, Ethena (ENA) traded at $0.55 as of 18:09 UTC on July 21, marking a 10.74% change over the previous 24 hours.