Ethena’s StablecoinX Goes Public: ENA Climbs, USDe Becomes Top-3 Stablecoin
- Keyword Financial
- Jul 21
- 3 min read
Introduction
Ethena has announced the launch of StablecoinX Inc., a new stablecoin-focused treasury company that will be listed on Nasdaq under the ticker symbol USDE. This move comes as part of a merger with TLGY Acquisition Corp and includes a significant $360 million investment aimed at buying back and accumulating ENA, Ethena’s native token. The announcement triggered an 8% surge in ENA’s price, reaching its highest level since January. StablecoinX will also provide infrastructure for the ENA ecosystem, including validator services and staking tools, and is backed by major crypto investors such as Dragonfly, Pantera Capital, and Galaxy Digital.
The launch of StablecoinX coincides with a rapid increase in the supply of Ethena’s synthetic dollar, USDe. Last week, USDe experienced its second-largest weekly issuance ever, minting nearly $698 million worth of tokens. This brought the total USDe supply to over $6 billion, making it the third-largest stablecoin in the market after Tether’s USDT and Circle’s USDC. The surge in USDe’s supply reflects growing demand for digital dollars, especially as regulatory clarity around stablecoins improves in the United States.
This growth is further supported by recent regulatory developments, such as the signing of the GENIUS Act by President Trump, which brings stablecoin issuers under direct oversight from the US Federal Reserve and mandates full asset backing. Ethena’s founder, Guy Young, highlighted that the launch of StablecoinX offers public market investors transparent access to the Ethena ecosystem and positions the company to benefit from the increasing demand for digital dollars and stablecoins in both the crypto and traditional finance sectors.
