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StablecoinX Inc. has announced a $360 million capital raise to purchase $ENA
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.
$ENA #Ethena #DeFi #CryptoNews #USDe #StablecoinX #Nasdaq $ENA
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.
$ENA #Ethena #DeFi #CryptoNews #USDe #StablecoinX #Nasdaq $ENA
🔥 JUST IN: StablecoinX Raises $360M — Allocates $260M to Buy $ENA Tokens! 💥
In a game-changing move, StablecoinX has successfully closed a $360 million funding round, marking one of the largest DeFi investments of the year! 💰🚀
But the real headline? A staggering $260 million of that capital is being allocated to purchase $ENA tokens directly from the Ethena Foundation — a bold bet on the future of decentralized finance and synthetic stable assets. 🧠📊
💡 Why this matters:
• 🔹 Ethena’s $ENA powers one of the most innovative yield-bearing stablecoin systems in crypto.
• 🔹 Institutional backing at this scale shows growing confidence in on-chain synthetic dollar systems.
• 🔹 Strategic alignment between StablecoinX and Ethena could reshape the stablecoin economy.
This isn’t just an investment — it’s a massive vote of confidence in the future of decentralized stable assets, composable finance, and long-term utility in global markets.
🧨 The DeFi game is heating up… and StablecoinX just went ALL IN.
#StablecoinX #ENA #Ethena #DeFi #Bullish
In a game-changing move, StablecoinX has successfully closed a $360 million funding round, marking one of the largest DeFi investments of the year! 💰🚀
But the real headline? A staggering $260 million of that capital is being allocated to purchase $ENA tokens directly from the Ethena Foundation — a bold bet on the future of decentralized finance and synthetic stable assets. 🧠📊
💡 Why this matters:
• 🔹 Ethena’s $ENA powers one of the most innovative yield-bearing stablecoin systems in crypto.
• 🔹 Institutional backing at this scale shows growing confidence in on-chain synthetic dollar systems.
• 🔹 Strategic alignment between StablecoinX and Ethena could reshape the stablecoin economy.
This isn’t just an investment — it’s a massive vote of confidence in the future of decentralized stable assets, composable finance, and long-term utility in global markets.
🧨 The DeFi game is heating up… and StablecoinX just went ALL IN.
#StablecoinX #ENA #Ethena #DeFi #Bullish
Ethena Foundation Launches StablecoinX to Acquire $360M in $ENA 🚀
The Ethena Foundation is launching StablecoinX Inc., a new crypto treasury and infrastructure firm, through a SPAC merger with TLGY Acquisition. The deal includes a $360 million PIPE to fund massive #ENA token buybacks and long-term staking infrastructure.
🔹 $60M from Ethena Foundation
🔹 Backed by major VCs: Dragonfly, Ribbit Capital, Pantera, Haun Ventures, Galaxy Digital and others
🔹 Shares will trade on Nasdaq under ticker: USDE
🔹 #StablecoinX will focus on ENA accumulation, staking, and validator operations
Ethena, which issues the synthetic dollar $USDe, is already the third-largest on-chain dollar issuer after Tether and Circle. This move aims to bolster the protocol’s treasury, longevity, and decentralization, positioning ENA as a long-term digital asset backed by deep capital reserves.
#Altcoin
The Ethena Foundation is launching StablecoinX Inc., a new crypto treasury and infrastructure firm, through a SPAC merger with TLGY Acquisition. The deal includes a $360 million PIPE to fund massive #ENA token buybacks and long-term staking infrastructure.
🔹 $60M from Ethena Foundation
🔹 Backed by major VCs: Dragonfly, Ribbit Capital, Pantera, Haun Ventures, Galaxy Digital and others
🔹 Shares will trade on Nasdaq under ticker: USDE
🔹 #StablecoinX will focus on ENA accumulation, staking, and validator operations
Ethena, which issues the synthetic dollar $USDe, is already the third-largest on-chain dollar issuer after Tether and Circle. This move aims to bolster the protocol’s treasury, longevity, and decentralization, positioning ENA as a long-term digital asset backed by deep capital reserves.
#Altcoin
StablecoinX Inc. to acquire $260M in $ENA from open market purchases
#StablecoinX Inc. has announced a $360M capital raise to acquire $ENA and plans to pursue a listing of its Class A common shares. To kickstart its acquisition strategy, StablecoinX Inc. will allocate the full $260M in cash proceeds from the raise to purchase locked ENA from a subsidiary of the #EthenaFoundation.
The planned deployment involves spending around $5M per day starting today, spread over the next six weeks. At current prices, the $260M purchase accounts for approximately 8% of the circulating supply.
👉 x.com/ethena_labs/status/1947286869341016116
#StablecoinX Inc. has announced a $360M capital raise to acquire $ENA and plans to pursue a listing of its Class A common shares. To kickstart its acquisition strategy, StablecoinX Inc. will allocate the full $260M in cash proceeds from the raise to purchase locked ENA from a subsidiary of the #EthenaFoundation.
The planned deployment involves spending around $5M per day starting today, spread over the next six weeks. At current prices, the $260M purchase accounts for approximately 8% of the circulating supply.
👉 x.com/ethena_labs/status/1947286869341016116
🚨 MASSIVE NEWS: #StablecoinX is set to raise $360M just to buy $ENA as part of its treasury strategy! 💰
And that’s not all—they're going public via a SPAC merger under the ticker “USDE” 🇺🇸💵
They see the potential. They’re playing big.
So ask yourself — why aren't you holding #ENA yet?
Smart money is already moving in...
👉 Don’t be the last one to FOMO. Load up before the next leg up! 🚀
$0.5 To $5 won’t take so long 🫵
And that’s not all—they're going public via a SPAC merger under the ticker “USDE” 🇺🇸💵
They see the potential. They’re playing big.
So ask yourself — why aren't you holding #ENA yet?
Smart money is already moving in...
👉 Don’t be the last one to FOMO. Load up before the next leg up! 🚀
$0.5 To $5 won’t take so long 🫵
#Ethena en modo gigante: recompra histórica de $ENA
🚨 Ethena, a través de su nueva unidad de tesorería StablecoinX, lanzó un programa de recompra de $260 millones de su token $ENA.
📈 Están comprando $5M por día desde exchanges — sin vender ni un solo token. El objetivo: fortalecer su ecosistema y consolidarse como referente en la tesorería cripto.
💼 Además, se fusionarán con TLGY Acquisition Corp y saldrán a bolsa bajo el ticker USDE, apuntando a convertirse en la primera empresa pública centrada en stablecoins.
🧠 Participan fondos como Pantera, Galaxy, Dragonfly y Polychain.
El mensaje es claro: el interés institucional está más fuerte que nunca.
¿Puede esto marcar un antes y un después en cómo operan las tesorerías cripto?
👇qué opinás.
#ENA $ETH #StablecoinX #CryptoNews
🚨 Ethena, a través de su nueva unidad de tesorería StablecoinX, lanzó un programa de recompra de $260 millones de su token $ENA.
📈 Están comprando $5M por día desde exchanges — sin vender ni un solo token. El objetivo: fortalecer su ecosistema y consolidarse como referente en la tesorería cripto.
💼 Además, se fusionarán con TLGY Acquisition Corp y saldrán a bolsa bajo el ticker USDE, apuntando a convertirse en la primera empresa pública centrada en stablecoins.
🧠 Participan fondos como Pantera, Galaxy, Dragonfly y Polychain.
El mensaje es claro: el interés institucional está más fuerte que nunca.
¿Puede esto marcar un antes y un después en cómo operan las tesorerías cripto?
👇qué opinás.
#ENA $ETH #StablecoinX #CryptoNews
才看到这个消息，ena搞的大动作，一句话：ena控制的StablecoinX 借壳上市，融了3.6亿美元，其中2.6亿美元为现金，1亿美元为ENA折价代币，利好ENA币价。
为什么利好，看下面：
“StablecoinX A类股票将以每股10美元的价格发行。每位 PIPE 投资者根据其投入的 ENA 市值获得 A类股票的份额。”
✅ 简单翻译成一句话：
投资人用 ENA 换股票，股票单价定在10美元，但你能换多少股票，取决于你投入时的 ENA 市场价格。
情况1：如果 ENA 当时价格是 $1
100万个 ENA × $1 = $1,000,000 美元；
$1,000,000 ÷ $10 = 100,000 股股票；
👉你会拿到 10 万股。
情况2：如果 ENA 当时价格是 $2
100万个 ENA × $2 = $2,000,000 美元；
$2,000,000 ÷ $10 = 200,000 股股票；
👉你会拿到 20 万股！
情况3：如果 ENA 跌到 $0.5
100万个 ENA × $0.5 = $500,000 美元；
$500,000 ÷ $10 = 50,000 股；
👉你只拿到 5 万股。
✅ 这说明了什么？
ENA 越贵，你能换到越多股票；
所以，如果你是投资人，你一定不希望 ENA 跌价；
你甚至希望 ENA 涨，这样你用同样数量的代币能换更多股票！
$ENA #稳定币 #StablecoinX
为什么利好，看下面：
“StablecoinX A类股票将以每股10美元的价格发行。每位 PIPE 投资者根据其投入的 ENA 市值获得 A类股票的份额。”
✅ 简单翻译成一句话：
投资人用 ENA 换股票，股票单价定在10美元，但你能换多少股票，取决于你投入时的 ENA 市场价格。
情况1：如果 ENA 当时价格是 $1
100万个 ENA × $1 = $1,000,000 美元；
$1,000,000 ÷ $10 = 100,000 股股票；
👉你会拿到 10 万股。
情况2：如果 ENA 当时价格是 $2
100万个 ENA × $2 = $2,000,000 美元；
$2,000,000 ÷ $10 = 200,000 股股票；
👉你会拿到 20 万股！
情况3：如果 ENA 跌到 $0.5
100万个 ENA × $0.5 = $500,000 美元；
$500,000 ÷ $10 = 50,000 股；
👉你只拿到 5 万股。
✅ 这说明了什么？
ENA 越贵，你能换到越多股票；
所以，如果你是投资人，你一定不希望 ENA 跌价；
你甚至希望 ENA 涨，这样你用同样数量的代币能换更多股票！
$ENA #稳定币 #StablecoinX
Foresight_News
--
这家公司才是真正的稳定币独角兽？
2.6 亿美元现金将通过 Ethena 基金会的子公司在公开市场买入 ENA
撰文：Alex Liu，Foresight News
7 月 21 日晚，Ethena 原生代币 ENA 受「财库公司拟买入 2.6 亿美元 ENA 代币」消息影响短时拉升 20% 触及 0.59 USDT，创下近半年新高，引发市场热议。本文将详解该事件及 ENA 近期表现，分析其对 Ethena 项目和市场的潜在影响，并评估项目现状。
StablecoinX 完成融资并寻求纳斯达克上市
7 月 21 日晚，Ethena 宣布旗下 StablecoinX 公司已与 TLGY Acquisition Corp 达成合并协议，拟借壳上市，并计划募集约 3.6 亿美元资金。其中 Ethena Foundation 认购 6000 万美元，其他机构投资者包括 Dragonfly、Pantera Capital、Galaxy Digital、Wintermute、Polychain、Haun Ventures 等。
本次融资以 PIPE（定增私募）的形式进行，其中 2.6 亿美元为现金、1 亿美元为折价锁定的 ENA 代币。根据公告，这笔资金将用来建立一个长期的 ENA 储备财库（treasury），新公司 StablecoinX 将把每天约 500 万美元投入 ENA 公开市场买入，计划在未来六周内累计买入约 2.6 亿美元的 ENA 代币，约占目前流通量的 8%。
StablecoinX 不仅将投资 ENA，还计划运营与 Ethena 生态相关的技术基础设施，如运行验证者节点和 staking 质押服务。StablecoinX 融资完成后将以「USDE」为股票代码登陆纳斯达克，而 Ethena 基金会将持有多数表决权股。
Ethena 团队特别强调，这些代币将长期锁定、永久持有，Ethena 基金会保留否决出售的权利，目标是通过持续增持支撑生态并增加每股的 ENA 持有量。
ENA 近期价格表现回顾
在 StablecoinX 消息发布前，ENA 代币已开始快速上涨。7 月 20 日（周日），市场整体上涨带动资金费率抬升，ETH、SOL 等主流资产上涨，此前走势低迷的 Ethena 也迎来资金入场。当日 ENA 一度上涨 20%，突破 0.5 USDT 关口，为今年二月以来最高点。当天 Ethena 的「合成美元」稳定币 USDe 也吸引了约 7.5 亿美元的净流入，供应量逼近 61 亿的历史最高记录。这一轮行情中，Ethena 的资金套利策略开始获利，使 sUSDe 年化利率达到 10%，大幅超过传统货币市场基金。
对 Ethena 项目的潜在影响
StablecoinX 的筹备及上市计划对 Ethena 项目本身意义重大。
其一，这是 DeFi 项目主动对接传统资本市场的又一尝试，与此前 Circle（USDC）上市、Ripple 瑞波发行可交易产品类似，都显示出稳定币领域正受到机构高度关注。Ethena 将「增长故事」通过上市公司模式向传统股市投资者提供敞口，被业界视作与传统金融（TradFi）融合的信号。如 Ethena 创始人所言，该笔交易为股市投资者提供了一个「数字美元」主题的纯投资标的。
其二，从资金供需角度看，StablecoinX 计划大举增持 ENA 并长期锁定，意味着项目生态中新进入了一个强势买家。未来几周每天 500 万美元的买入计划，以及现金和锁仓代币共 3.6 亿美元的采购力度，将显著拉高对 ENA 的需求。这种类似 「比特币财库」 的模式（借鉴了 Strategy 持有 BTC 的逻辑），可能为 ENA 提供长期价值支撑。
有观点认为，这种稳定的资本配置策略能够带来实质性的用户资金需求，并在一定程度上抬高代币的长期底部价值。不过也有分析指出，这种资金流动与 Ethena 项目本身的经济模型并未直接改变：Ethena 的核心机制依旧是用户通过抵押加密资产铸造 USDe 并执行对冲策略来产生收益。StablecoinX 买入计划只会增加市场需求，却不会改变 Ethena 协议的运行逻辑，因此项目的「基本面」是否改变还有待观察。从长远看，这相当于项目增加了一个稳定的「看多 ENA」资本方，但若基本套利模型出现变数（如资金费率回落），项目回报能力仍需检验。
其三，宏观监管环境也在发生改变。近期美国通过了包括 GENIUS 法案在内的多项稳定币监管法规。GENIUS 法案要求稳定币发行必须有全面资产支持（现金或国债），并加强监管，禁止发行类股息的收益型稳定币，这反映稳币市场已受到美国监管和传统金融的双重关注。
对于 Ethena 来说，其 USDe 属于「加密抵押的合成美元」，在新法规框架下可能面临合规压力。如果 Ethena 完全符合美国稳定币法，则可能需要调整其套期策略。不过 Ethena 团队目前的立场是 USDe 并非是支付为用途的稳定币产品，而更像是一种合成资产工具，因此认为其不受新法案直接管辖。总之，StablecoinX 的上市与融资在合规环境日益明晰的大背景下展开，这可能为 Ethena 引入更多合规层面的考量，但同时也提升了项目在成熟市场的知名度和合法性。
Ethena 项目现状评估
从项目整体来看，Ethena 目前处于高速发展阶段。首先，资金费率的回暖确实提升了 USDe 的吸引力。近期 Ethena 由 BTC、ETH、SOL 等资产对冲的稳定币策略已能向用户提供近 10% 的年化收益，远超传统美元基金水平。这吸引了大批资金涌入，上周净铸币金额约 7.5 亿美元，令 USDe 供应量接近历史高位。
其次，监管与政策动向值得关注。美国已签署 GENIUS 稳定币法案，将稳定币发行纳入美联储监管，并且要求 100% 资产支持。这对目前主流的稳定币（如 USDC、USDT）等已有深远影响。Ethena 的 USDe 属于加密资产抵押型稳定币，按新法案定义可能需调整或获得豁免。
如前所述，Ethena 正与监管机构接触争取认定其合成美元属性，使之不被新法规直接约束。然而如果未来 Ethena 想要将 USDe 提供给美国投资者，则可能被要求增加法币或国债的储备支持。简而言之，监管的不确定性给项目带来一定挑战，尤其是在其高收益模型上可能带来的合规压力。
最后，项目在与传统资产结合方面已有所进展。例如 Ethena 推出了 USDtb（以法币或现有机构资产支撑的稳定币），并将部分资本投入由 BlackRock 管理的美元基金。这些举措在一定程度上增强了产品的合规性和机构认可度。另外，Ethena 近期与 Telegram 钱包集成、推出借贷策略等，也为其生态增添了粘性。尽管如此，Ethena 依然是一家较为年轻的 DeFi 协议，要达到长期稳定增长仍需面对合规、竞争、市场波动等多重考验。
综上所述，StablecoinX 完成融资并启动 ENA 财库计划，为 Ethena 项目带来了积极影响：短期内推高了代币价格，为持有者提供了增值预期。从长远看，这标志着 Ethena 试图将其数字美元主题与传统资本市场对接，打开新融资和分发渠道。不过，此举并未根本改变 Ethena 的资产和收益模型，其稳定币运作仍基于加密抵押对冲逻辑。
因此，项目的基本面是否「被改变」尚难下定论：StablecoinX 带来的资金流和上市支撑无疑是一大利好，但 Ethena 是否能够持续证明其高收益机制的稳健性，以及能否应对监管变化，仍需时间和进一步观察。
撰文：Alex Liu，Foresight News
7 月 21 日晚，Ethena 原生代币 ENA 受「财库公司拟买入 2.6 亿美元 ENA 代币」消息影响短时拉升 20% 触及 0.59 USDT，创下近半年新高，引发市场热议。本文将详解该事件及 ENA 近期表现，分析其对 Ethena 项目和市场的潜在影响，并评估项目现状。
StablecoinX 完成融资并寻求纳斯达克上市
7 月 21 日晚，Ethena 宣布旗下 StablecoinX 公司已与 TLGY Acquisition Corp 达成合并协议，拟借壳上市，并计划募集约 3.6 亿美元资金。其中 Ethena Foundation 认购 6000 万美元，其他机构投资者包括 Dragonfly、Pantera Capital、Galaxy Digital、Wintermute、Polychain、Haun Ventures 等。
本次融资以 PIPE（定增私募）的形式进行，其中 2.6 亿美元为现金、1 亿美元为折价锁定的 ENA 代币。根据公告，这笔资金将用来建立一个长期的 ENA 储备财库（treasury），新公司 StablecoinX 将把每天约 500 万美元投入 ENA 公开市场买入，计划在未来六周内累计买入约 2.6 亿美元的 ENA 代币，约占目前流通量的 8%。
StablecoinX 不仅将投资 ENA，还计划运营与 Ethena 生态相关的技术基础设施，如运行验证者节点和 staking 质押服务。StablecoinX 融资完成后将以「USDE」为股票代码登陆纳斯达克，而 Ethena 基金会将持有多数表决权股。
Ethena 团队特别强调，这些代币将长期锁定、永久持有，Ethena 基金会保留否决出售的权利，目标是通过持续增持支撑生态并增加每股的 ENA 持有量。
ENA 近期价格表现回顾
在 StablecoinX 消息发布前，ENA 代币已开始快速上涨。7 月 20 日（周日），市场整体上涨带动资金费率抬升，ETH、SOL 等主流资产上涨，此前走势低迷的 Ethena 也迎来资金入场。当日 ENA 一度上涨 20%，突破 0.5 USDT 关口，为今年二月以来最高点。当天 Ethena 的「合成美元」稳定币 USDe 也吸引了约 7.5 亿美元的净流入，供应量逼近 61 亿的历史最高记录。这一轮行情中，Ethena 的资金套利策略开始获利，使 sUSDe 年化利率达到 10%，大幅超过传统货币市场基金。
对 Ethena 项目的潜在影响
StablecoinX 的筹备及上市计划对 Ethena 项目本身意义重大。
其一，这是 DeFi 项目主动对接传统资本市场的又一尝试，与此前 Circle（USDC）上市、Ripple 瑞波发行可交易产品类似，都显示出稳定币领域正受到机构高度关注。Ethena 将「增长故事」通过上市公司模式向传统股市投资者提供敞口，被业界视作与传统金融（TradFi）融合的信号。如 Ethena 创始人所言，该笔交易为股市投资者提供了一个「数字美元」主题的纯投资标的。
其二，从资金供需角度看，StablecoinX 计划大举增持 ENA 并长期锁定，意味着项目生态中新进入了一个强势买家。未来几周每天 500 万美元的买入计划，以及现金和锁仓代币共 3.6 亿美元的采购力度，将显著拉高对 ENA 的需求。这种类似 「比特币财库」 的模式（借鉴了 Strategy 持有 BTC 的逻辑），可能为 ENA 提供长期价值支撑。
有观点认为，这种稳定的资本配置策略能够带来实质性的用户资金需求，并在一定程度上抬高代币的长期底部价值。不过也有分析指出，这种资金流动与 Ethena 项目本身的经济模型并未直接改变：Ethena 的核心机制依旧是用户通过抵押加密资产铸造 USDe 并执行对冲策略来产生收益。StablecoinX 买入计划只会增加市场需求，却不会改变 Ethena 协议的运行逻辑，因此项目的「基本面」是否改变还有待观察。从长远看，这相当于项目增加了一个稳定的「看多 ENA」资本方，但若基本套利模型出现变数（如资金费率回落），项目回报能力仍需检验。
其三，宏观监管环境也在发生改变。近期美国通过了包括 GENIUS 法案在内的多项稳定币监管法规。GENIUS 法案要求稳定币发行必须有全面资产支持（现金或国债），并加强监管，禁止发行类股息的收益型稳定币，这反映稳币市场已受到美国监管和传统金融的双重关注。
对于 Ethena 来说，其 USDe 属于「加密抵押的合成美元」，在新法规框架下可能面临合规压力。如果 Ethena 完全符合美国稳定币法，则可能需要调整其套期策略。不过 Ethena 团队目前的立场是 USDe 并非是支付为用途的稳定币产品，而更像是一种合成资产工具，因此认为其不受新法案直接管辖。总之，StablecoinX 的上市与融资在合规环境日益明晰的大背景下展开，这可能为 Ethena 引入更多合规层面的考量，但同时也提升了项目在成熟市场的知名度和合法性。
Ethena 项目现状评估
从项目整体来看，Ethena 目前处于高速发展阶段。首先，资金费率的回暖确实提升了 USDe 的吸引力。近期 Ethena 由 BTC、ETH、SOL 等资产对冲的稳定币策略已能向用户提供近 10% 的年化收益，远超传统美元基金水平。这吸引了大批资金涌入，上周净铸币金额约 7.5 亿美元，令 USDe 供应量接近历史高位。
其次，监管与政策动向值得关注。美国已签署 GENIUS 稳定币法案，将稳定币发行纳入美联储监管，并且要求 100% 资产支持。这对目前主流的稳定币（如 USDC、USDT）等已有深远影响。Ethena 的 USDe 属于加密资产抵押型稳定币，按新法案定义可能需调整或获得豁免。
如前所述，Ethena 正与监管机构接触争取认定其合成美元属性，使之不被新法规直接约束。然而如果未来 Ethena 想要将 USDe 提供给美国投资者，则可能被要求增加法币或国债的储备支持。简而言之，监管的不确定性给项目带来一定挑战，尤其是在其高收益模型上可能带来的合规压力。
最后，项目在与传统资产结合方面已有所进展。例如 Ethena 推出了 USDtb（以法币或现有机构资产支撑的稳定币），并将部分资本投入由 BlackRock 管理的美元基金。这些举措在一定程度上增强了产品的合规性和机构认可度。另外，Ethena 近期与 Telegram 钱包集成、推出借贷策略等，也为其生态增添了粘性。尽管如此，Ethena 依然是一家较为年轻的 DeFi 协议，要达到长期稳定增长仍需面对合规、竞争、市场波动等多重考验。
综上所述，StablecoinX 完成融资并启动 ENA 财库计划，为 Ethena 项目带来了积极影响：短期内推高了代币价格，为持有者提供了增值预期。从长远看，这标志着 Ethena 试图将其数字美元主题与传统资本市场对接，打开新融资和分发渠道。不过，此举并未根本改变 Ethena 的资产和收益模型，其稳定币运作仍基于加密抵押对冲逻辑。
因此，项目的基本面是否「被改变」尚难下定论：StablecoinX 带来的资金流和上市支撑无疑是一大利好，但 Ethena 是否能够持续证明其高收益机制的稳健性，以及能否应对监管变化，仍需时间和进一步观察。
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