A new infrastructure company within the Ethena ecosystem is getting public through merger with StableCoinx, TLGY Aquisition Corp, which is earning $ 360 million to create a crypto corporate reserve anchored by ENA tokens.
After the merger, the joint company to Stablecoinx Inc. Will be said, and Scheme of To list your class A shares on the NASDAQ stock exchange under the tick symbol “Usde”. The new company will provide infrastructure and staking services for the Ethana Protocol, while the Athena Foundation will maintain majority voting power in Stabelcoinx after the merger.
The deal includes a private investment of $ 360 million in public equity, including $ 260 million cash and $ 100 million discount, lock Athana (ENA) Token, indigenous coin of protocol. Backers include ribbit capital, Pantera, Dragonfly, Galaxy Digital, Hon Ventures and Ethena Foundation with polychen.
Ethana is currently the third largest onchen stabelcoin issuer, with its USDE token, the market capitalization of about $ 6.1 billion is about $ 6.1 billion behind the USDT of Titu (USDT) $ 162 billion and circle on USDC (USDC) About $ 64 billion.
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The merger is part of a five -year renewable partnership that connects Stabechoinx to the long -term development of Athena. A Joint Investment Committee will oversee the treasury operation, which is expected to close the transaction in the fourth quarter. 2025,
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Stablecoinx’s Eena under Treasury Strategy
In a press statement of Stablecoinx, TLGY Aquisition Corp and Ethena Foundation, companies spoke about their ENA Treasury Strategy.
Immediately, $ 260 million cash will be used to purchase the ENA tokens locked through the token procurement agreement. Ethena Foundation will start a buyback of ENA tokens on public markets in the next six weeks, representing about 8% of the circulating supply of ENA at current prices at current prices.
The target is for stablecoinx to make a long -term treasure by locking this supply and never selling tokens.
Reflects the attitude of tricks Bitcoin Treasury Companies like StrategyWhich accumulates BTC as a long -term reserves of value and strategic property. Instead of bitcoin, Stablecoinx is creating a reserve of ENA, which gives shareholders a public market risk to the StableCoin market.
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US Regulation, Circle IPO Signal Mood Shift
The upcoming Nasdaq debut of StableCoinx comes as American policy makers move towards more accurate stablecoin regulation, and traditional finance begins to embrace the region through public offerings.
On Thursday, members of the US Representative Assembly passed Three pieces of crypto lawIncluding a stablecoin bill, which establishes reserved requirements and regulatory inspections for issuance, finally a formal legal structure in the US to dollar-supported digital assets. StableCoin was the bill Signed in law by President Trump on FridayWhile the other two pieces of law will now be the head of the Senate for consideration.
Circle, company behind USDC, Gone public in early June On Wall Street. Since then, its stocks have increased more than 600% from an IPO price of $ 31.
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