Today, the decentralized stablecoin protocol Ethena announced that it will launch a total of $260 million ENA token spot buyback plan within the next 6 weeks. Based on current prices, it is estimated that approximately 8% of the ENA circulation will be repurchased. This initiative follows the announcement by its partner StablecoinX that it has completed a $360 million financing, highlighting Ethena's long-term strategic layout around the protocol's native assets.

StablecoinX is a company focused on the verification and infrastructure construction of the Ethena network, which has reached a merger agreement with the Nasdaq-listed SPAC company TLGY. It plans to change its name to StablecoinX in three months and will be listed on the Nasdaq Global Market under the code 'USDE'. This will become the world's first publicly traded entity focused on stablecoin ecosystem treasury management, pioneering a new paradigm for decentralized finance capitalization operations.



This financing involved several top institutions, including Dragonfly, Ribbit Capital, Blockchain.com, Pantera Capital, ParaFi Capital, Haun Ventures, Polychain Capital, Galaxy Digital, and Wintermute, with the Ethena Foundation also participating as a strategic investor. All funds will be used to purchase ENA in the open market, initiating a long-term holding mechanism to ensure the strategic binding of StablecoinX's treasury to Ethena, in alignment with the foundation's incentive direction.

After the transaction is completed, StablecoinX will become a long-term capital pillar of the Ethena ecosystem. Through an irrevocable treasury mechanism, the purchased ENA will be incorporated into the balance sheet and held permanently, creating a 'token black hole' effect at the protocol level. At that time, the Ethena Foundation and StablecoinX will collectively absorb up to 26% of the total ENA supply, enhancing market confidence and improving circulation efficiency, while providing strong support for ENA prices.

This series of actions means that Ethena is steadily building a complete on-chain financial infrastructure centered around 'stablecoins + native asset treasury', providing sufficient capital reserves and institutional design guarantees for its subsequent global expansion and protocol governance.