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StablecoinX, a key player in the Ethena ecosystem, is going public via a merger with TLGY Acquisition Corp., raising $360 million to establish a crypto corporate reserve backed by the ENA token. The combined entity will trade on Nasdaq under the ticker ‘USDE’ and focus on staking and infrastructure services.
- StablecoinX merges with TLGY Acquisition Corp. to go public, raising $360M ($260M cash + $100M in ENA tokens).
- Post-merger entity will trade on Nasdaq as 'USDE' and focus on Ethena protocol staking and infrastructure.
- Ethena Foundation retains majority voting power, with investors including Pantera, Galaxy Digital, and Polychain.
📎 Related coverage from: cointelegraph.com