StablecoinX Raises $360 Million to Accumulate ENA

ETHENA TREASURY STRATEGY

ENAStablecoinX is the result of a partnership with TLGY Acquisition Corp., a special purpose acquisition company (SPAC) that plans to list on Nasdaq by the end of 2025. The $360 million round includes $260 million in cash and $100 million in locked ENA tokens, also known as ENA locked, offered at a discount from a subsidiary of the Ethena Foundation. To purchase ENA on the open market, the plan is to spend $5 million per day for six weeks—roughly 8% of ENA’s total circulating supply at current prices—using the $260 million in cash. Three key goals are central to the StablecoinX strategy:

• Large-Scale ENA Accumulation: StablecoinX intends to build a large ENA treasury with the goal of holding a significant amount of tokens to capitalize on the growth of the stablecoin market. To ensure the long-term accumulation strategy, the Athena Foundation has veto power over any ENA sale by StablecoinX.

• Supporting the Ethena ecosystem: In addition to purchasing ENA, StablecoinX will provide staking services, operate network infrastructure, and act as a validator in the Ethena ecosystem. This enhances the decentralization and capital efficiency of the protocol.

• Conventional Investor Access: StablecoinX can make the Ethena ecosystem accessible to public investors, who typically have difficulty accessing ENA through traditional financial markets, by listing on Nasdaq under the ticker USDE.

Young Cho, CEO of TLGY and StablecoinX Assets, stated that the strategy is “a long-term capital allocation plan, aiming to capitalize on the strong growth in demand for digital dollars, while increasing the intrinsic value per share.

Ethena in a new position

With a total value locked (TVL) of $7.5 billion and a USDe market cap of around $6.1 billion, Athena Labs is now the third-largest on-chain stablecoin issuer, behind only Tether ($162 billion) and Circle ($64 billion). The ENA token manages and stores value; it has increased by 42.77% in the past 7 days and 95.78% in the past 30 days. On July 22, 2025, it reached a price of $0.4787 with a market cap of around $3.25 billion. The global stablecoin market is growing strongly, with a total capitalization exceeding $261 billion, up nearly 3% in the past week, leading to the StablecoinX event. Reflecting the growing adoption of the digital dollar in financial applications, stablecoins now account for around a third of decentralized finance (DeFi) revenue. Companies like MicroStrategy (which specializes in Bitcoin treasuries) and organizations like Upexi (which specializes in Solana treasuries) have led the digital asset treasury trend, where companies accumulate tokens to protect shareholder value and diversify assets. With its ENA-focused strategy, StablecoinX was the first publicly listed company to use the stablecoin treasury model, marking a new step forward in the space.

Conclude

StablecoinX’s $360 million raise to accumulate ENA tokens and build a digital asset treasury is a strategic move that marks the integration of traditional finance and the Web3 ecosystem through stablecoins. By acquiring 8% of the circulating supply of ENA and supporting Ethena’s infrastructure, StablecoinX not only strengthens the position of the Ethena protocol but also contributes to the growth of the global stablecoin market, which has reached a capitalization of $261 billion.

Disclaimer: The information presented in this article is the author's personal opinion on the cryptocurrency field. It is not intended to be financial or investment advice. Any investment decision should be based on careful consideration of your personal portfolio and risk tolerance. The views expressed in the article do not represent the official position of the platform. We recommend that readers conduct their own research and consult with a professional before making any investment decisions.

Compiled and analyzed by HCCVenture

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