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The Ethena Foundation is creating StablecoinX by merging SPAC with TLGY Acquisition Corp, securing $360 million in funding ($260 million in cash and $100 million in the form of ENA tokens at a discount). This entity will support treasury management for the Ethena stablecoin ecosystem while preparing to list on Nasdaq within six months under the symbol USDE. Key investment incentives

• Strong backing from institutional investors including Dragonfly and Pantera Capital

• Aggressive token strategy: purchasing ENA tokens at a 30% discount

• Daily purchase program of $5 million lasting for six weeks

• Dual focus on treasury management and Validator services and Staking

Trading implications

• Reducing supply through token purchases may lead to positive price pressures

• Attention to regulatory phases affecting the listing timeline

• Monitoring the impact of Validator services on the broader Ethereum network ecosystem

• Potential volatility with increased institutional participation

This project is a testament to the growing institutional market for crypto and the merging of traditional financial structures with innovation in blockchain technology #BinanceHODLerERA #AltcoinBreakout #StrategyBTCPurchase #StablecoinLaw #ETHBreaks3700 $BTC $BNB $SOL