Launch coin 🪙 Synthetic stable USDE with token buyback.

Ethena introduced StablecoinX through a $360 million financing agreement with TLGY Acquisition Corp, aiming to list on Nasdaq under the symbol "USDE".

This positions StablecoinX as a treasury company backing USDe, now the fourth largest stablecoin in the market, which uses Ethereum-based instruments instead of fiat reserves.

Key Market Factors

• Token buyback of $260 million focused on the locked ENA supply

• Institutional support from Dragonfly and Ribbit Capital

• Strategic construction of ENA reserves to hedge against market volatility

• Decentralized approach amid increasing stablecoin regulation

Trading Implications

• Possible appreciation of ENA price due to reduced supply

• Greater market visibility thanks to the Nasdaq listing

• Improvement in USDe adoption within DeFi ecosystems

• Possible volatility during the transition period.

#StablecoinLaw

#StrategyBTCPurchase

$USDC

$USD1

$USDT