The news about StablecoinX Inc. raising $360 million to purchase ENA tokens and its listing on Nasdaq under the ticker USDE is indeed confirmed by several sources. Here are the key aspects and their impact on the ENA token:
1. Deal Details
StablecoinX raised $360 million, including $260 million in cash and $100 million in locked ENA tokens ($60 million of which were provided by the Ethena Foundation).These funds will be used to buy back ENA from circulation, which could reduce its available supply on the market.
2. Impact on ENA Price
Positive Effect: Large-scale ENA purchases will stimulate demand, especially if StablecoinX begins active buying. This could lead to short-term price growth, as previously observed (ENA rose 8% after the announcement).Reduced Liquidity: Locking $100 million worth of ENA as part of the deal will limit its availability on exchanges, increasing scarcity and potentially boosting its value.
3. Nasdaq Listing
Plans to list StablecoinX shares on Nasdaq under the ticker USDE could:
Attract institutional investors who previously avoided the crypto market due to the lack of regulated instruments.Increase the connection between traditional finance and DeFi, which will positively impact the perception of ENA as the "foundation" of the USDe ecosystem.
Impact of the $60 Million from Ethena Foundation on ENA Market Cap and Price
1. Investment Mechanism
The Ethena Foundation allocated $60 million in ENA as part of the deal with StablecoinX Inc., which raised $360 million to purchase tokens and list shares on Nasdaq. This means the Foundation transferred a portion of its reserve tokens to StablecoinX, likely in exchange for a stake in the project or as part of a strategic partnership.2. Impact on ENA Market CapPotential Market Cap Increase: If the $60 million worth of ENA is used by StablecoinX to support USDe liquidity or reserves, it could boost confidence in the ecosystem. Increased confidence will lead to higher demand for ENA as a governance token, pushing the market cap upward.Risk of Market Cap Decrease: If the Foundation sold ENA directly on the market, it could temporarily increase supply and cause a price drop. However, according to analysts, the majority of tokens associated with StablecoinX are locked, which reduces liquidity and supports the price.
Statistics
Current ENA market cap (July 2025): ~$85 million (CoinGecko).Share of $60 million in the total market cap: ~70%. This means that even a partial reduction in supply could significantly impact the price. For example, if 10% of tokens disappear from circulation, it could push the price up by 20–30% (considering ENA's current volatility).
Investor Recommendations
Monitor Token Lockups: If the $60 million worth of ENA is locked for a long term (e.g., 1–2 years), this would be a bullish signal.Analyze Regulatory Steps: Listing on Nasdaq requires compliance with SEC standards. Any delays or rejections will negatively impact the price.Assess USDe Integration: StablecoinX's success depends on USDe adoption in DeFi. Growth in TVL (currently $2.3 billion) and new integrations (e.g., with Uniswap) will strengthen ENA.
Summary
The $60 million investment by the Ethena Foundation in ENA has high potential for increasing market cap and price if the tokens are used strategically (e.g., to support USDe or for locking). However, the deal's success depends on regulatory decisions and StablecoinX's ability to execute the Nasdaq listing plan. Short-term investors might take profits on a 10–20% rise, while long-term investors should assess the resilience of the USDe ecosystem by 2026.
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