- TLGY and SC Assets merge to form StablecoinX under “USDE”.
- $360M PIPE funding supports Ethena-focused stablecoin project.
- StablecoinX to accumulate ENA; Ethena starts $260M buyback.
In a major move for the crypto world, TLGY Acquisition Corporation and SC Assets have merged to launch StablecoinX, a new firm focused on boosting the Ethena stablecoin ecosystem. The newly formed company will be listed under the ticker “USDE” and is backed by a substantial $360 million in PIPE (Private Investment in Public Equity) financing.
The merger marks a significant step in building the infrastructure around decentralized stablecoins, with StablecoinX aiming to strengthen Ethena’s position in the market through a long-term strategy.
ENA Token at the Center of StablecoinX Strategy
A key part of the StablecoinX vision is its commitment to accumulating ENA tokens, which are central to the governance and operations of the Ethena protocol. These tokens will serve as long-term treasury assets for StablecoinX, reflecting deep trust in Ethena’s potential and future growth.
This strategic alignment is further supported by Ethena’s newly announced $260 million ENA buyback program, designed to bolster the token’s value and stability. By combining treasury accumulation with buybacks, the ecosystem aims to create a strong foundation for both investor confidence and token utility.
A Bold Step for the Stablecoin Ecosystem
StablecoinX enters the market as a serious contender in the stablecoin and DeFi landscape. Its backing by institutional capital and long-term ENA strategy positions it to make a lasting impact on how stablecoins are built and governed.
This launch reflects a maturing sector where stablecoin issuers focus not just on liquidity but on long-term protocol alignment. With USDE as its flagship product and ENA as a core treasury asset, StablecoinX is one to watch.
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