StablecoinX, a new entity within the Ethena ecosystem, is set to go public through a merger with TLGY Acquisition Corp., raising $360 million to establish a crypto corporate reserve based on the ENA token. Post-merger, the entity will be named StablecoinX Inc. and aims to list its Class A shares on Nasdaq under the ticker 'USDE.' The company will offer infrastructure and staking services for the Ethena protocol, while the Ethena Foundation will maintain majority voting rights. The deal includes a $360 million private investment, comprising $260 million in cash and $100 million in locked Ethena tokens. Notable investors include the Ethena Foundation, Ribbit Capital, and others. Ethena ranks as the third-largest on-chain stablecoin issuer, with its USDe token valued at around $6.1 billion. The merger is part of a five-year partnership, with a joint committee managing treasury operations. The transaction is expected to finalize in Q4 2025, coinciding with new US stablecoin regulations. Read more AI-generated news on: https://app.chaingpt.org/news