Ethena Goes Public with StablecoinX as USDe Hits $6B and ENA Rallies

Ethena has made a major move in the stablecoin and crypto infrastructure space by launching StablecoinX, a new entity that marks a significant leap for the protocol’s ambitions. Formed under the Ethena Foundation, StablecoinX will merge with TLGY Acquisition Corp, a SPAC, to go public and list on Nasdaq under the ticker “USDE.” The news instantly energized the market, pushing Ethena’s native token ENA up by 8%, hitting a multi-month high of $0.5437. Backing this bold initiative is a $360 million buyback and accumulation plan for ENA tokens, funded through a combination of a $60 million contribution from the Ethena Foundation and strong support from major crypto investment firms including Dragonfly, Pantera Capital, Polychain, Galaxy Digital, and Wintermute.

StablecoinX aims to enhance the Ethena ecosystem by building out validator infrastructure and staking services, ultimately reinforcing the utility and value of ENA. Meanwhile, Ethena’s synthetic dollar, USDe, is seeing explosive growth, with its circulating supply surpassing $6 billion, making it the third-largest stablecoin globally after USDT and USDC. Just in the past week, USDe experienced its second-largest issuance on record, minting $698 million, with daily peaks of over $267 million.

This momentum coincides with the passage of the GENIUS Act, a new U.S. stablecoin regulation bill that brings federal clarity and oversight to digital dollar issuers, enhancing investor confidence. With institutions like JP Morgan and Western Union warming up to stablecoins, Ethena’s timely strategic push positions it as a serious contender in both the crypto and financial mainstream. As StablecoinX prepares for its Nasdaq debut, the combined growth of ENA and USDe signals Ethena’s emergence as a powerhouse at the intersection of DeFi, stablecoins, and institutional-grade blockchain finance.