StablecoinX merges with TLGY Acquisition Corp., raising $360 million to create a crypto corporate reserve with ENA token. Plans to list on Nasdaq under “USDE.” Ethena Foundation will retain majority voting power post-merger.

Deal includes $260 million in cash and $100 million in discounted, locked ENA tokens. Ethena is the third-largest onchain stablecoin issuer, with USDe market cap at $6.1 billion.

ENA treasury strategy involves using $260 million in cash to buy locked ENA tokens. Ethena Foundation to buy back ENA tokens on public markets at $5 million daily for 6 weeks.

StablecoinX’s Nasdaq debut coincides with US stablecoin regulation progress. Circle, behind USDC, went public in June, with shares rising over 600% from IPO price.

US House of Representatives passes stablecoin bill establishing regulatory oversight for issuers. President Trump signs bill into law. Circle IPO signals traditional finance embracing stablecoin sector.

Read more at Cointelegraph: StablecoinX to Go Public via SPAC Merger, Raising $360M for ENA Treasury