Large funds launch $360M treasury to accumulate ENA — a bet on the stablecoin supercycle
TLGY Acquisition is teaming up with StablecoinX Assets to form a crypto treasury with a capital of $360 million — focusing on accumulating the Ethena token (ENA).
📌 Key details:
— $60 million is invested by the Ethena Foundation
— The remaining funds come from Pantera Capital, Galaxy Digital, Wintermute, and others.
— The goal is to provide investors with transparent access to the growth of the stablecoin market
— ENA has risen by 100% in July, currently trading at $0.53
💬 CEO Yong Cho: "Ethena is benefiting from the growing demand for stablecoins. We are creating a tool for long-term access to this story."
📈 The plan is a systematic purchase of ENA in the interests of shareholders.
This could exacerbate supply shortages and pressure the token's price.
📌 Context:
— Ethena is actively promoting the synthetic dollar USDe
— The project is supported by Arthur Hayes, who actively advocates for dollarization through decentralization.
The concentration of liquidity in ENA amplifies the influence of large players but also increases the risks of centralization. In the long term, the outcome will depend on stable demand for the "alternative dollar" in new financial systems.
