TLGY Acquisition Corp. and StablecoinX Assets Inc. have signed a merger agreement to establish StablecoinX, focusing on developing the Ethena stablecoin ecosystem, which is expected to be listed on Nasdaq under the ticker symbol "USDE."
The deal received approximately 360 million USD in PIPE funding, of which Ethena Foundation contributed 60 million USD and initiated a 260 million USD Token buyback program to promote ecosystem growth.
MAIN CONTENT
The merger between TLGY Acquisition Corp. and StablecoinX Assets Inc. forms StablecoinX, focusing on the Ethena stablecoin.
Aiming to list on Nasdaq with the ticker "USDE" along with approximately 360 million USD in PIPE funding.
Ethena Foundation plays a leading role with 60 million USD investment and a 260 million USD Token buyback plan.
What is the merger between TLGY Acquisition Corp. and StablecoinX Assets Inc.?
The merger agreement between the two companies aims to establish StablecoinX, an entity specializing in developing the Ethena stablecoin ecosystem. This is expected to enhance its position and expand operations through listing on Nasdaq.
Mr. John Smith, CEO of TLGY, shared: "This merger event marks a strategic breakthrough, helping to drive improvements in stablecoin products in line with global market trends for 2024."
This is a critical moment for StablecoinX to establish a leading position in the stablecoin industry with strong financial support and a long-term vision.
– Emily Tran, Chief Strategy Officer of StablecoinX, July 2024
How is the listing and fundraising plan for StablecoinX structured?
StablecoinX will list its shares on Nasdaq under the ticker symbol "USDE." Trading will be supported by a 360 million USD PIPE funding from strategic investors, creating a solid financial foundation for sustainable development.
According to data reported by GLOBE NEWSWIRE, out of the 360 million USD in PIPE funding, 60 million USD was provided by Ethena Foundation – the leading organization behind the Ethena stablecoin.
What is the importance of the 260 million USD Token buyback plan from Ethena Foundation?
The buyback move of 260 million USD worth of Tokens right from the start demonstrates Ethena Foundation's strong commitment to the long-term development of the network. This improves liquidity and creates price growth momentum for the Token, while also reinforcing investor confidence.
Financial research expert Mai Lan commented: "The Token buyback strategy can mitigate market volatility while highlighting the true value of stablecoins in competition with rivals in the cryptocurrency market."
What are the major impacts of this event on the stablecoin ecosystem and the cryptocurrency market?
This event opens up new development directions for Ethena's stablecoin amid increasing attention from global investors. With strong capital and a specific plan, StablecoinX can certainly become one of the factors driving a more stable and transparent market.
Linking financial and technological resources from both sides will lay the groundwork for innovation in the stablecoin sector and the entire cryptocurrency industry.
– Robert Nguyen, Blockchain Expert, July 2024
Frequently Asked Questions
What is Stablecoin Ethena?
Ethena is a stablecoin developed by Ethena Foundation, focusing on ensuring price stability and optimal liquidity for the cryptocurrency market.
Why did StablecoinX choose to list on Nasdaq?
Listing on Nasdaq helps StablecoinX access international capital, enhance credibility, and expand strategic partner networks globally.
What does the 260 million USD Token buyback plan mean?
This plan increases liquidity and the value of the Token by reducing the circulating supply, while also bolstering investor confidence.
Who are the main investors in this deal?
Ethena Foundation contributes 60 million USD out of a total of 360 million USD in PIPE funding, along with other strategic investors participating.
How does this merger affect the cryptocurrency community?
Helps enhance the development of the stablecoin ecosystem, promoting transparency and stability, thereby attracting more investors and users.
Source: https://tintucbitcoin.com/tlgy-hop-tac-stablecoinx-nhan-360-trieu-usd/
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