TLGY is set to merge with SC Assets to create StablecoinX, backed by a $360 million PIPE funding.
The new entity will focus on building within the Ethena stablecoin ecosystem and will trade under the ticker "USDE".
As part of its strategy, StablecoinX will aggregate ENA tokens as long-term treasury assets.
Additionally, Ethena announced an initiative to repurchase ENA worth $260 million.
