The merger with TLGY Acquisition Corp. positions StablecoinX for a Nasdaq listing, enhancing access to Ethena's ecosystem for public market investors.
Ethena Foundation has launched StablecoinX, merging with TLGY Acquisition Corp. to list on Nasdaq under the ticker USDE and invest $360 million in ENA tokens. This initiative aims to bolster the USDe stablecoin's market position, which ranks third in market capitalization. The funds will be utilized for acquiring ENA tokens and preparing for the public listing, with a $260 million cash investment and $100 million in locked Ethena tokens. The Ethena Foundation will maintain majority voting power post-merger, reinforcing its commitment to stablecoin regulation and market stability.