Stablecoin Hype

First Ethena Treasury Company Invests 260 Million USD in ENA

The infrastructure company Stablecoin is going public following a merger, launching an ENA reserve and thus heating up the sentiment around Ethena.

First Ethena Treasury Company invests...

Through a merger with TLGY Acquisition Corp., StablecoinX - a validator and infrastructure provider from the Ethena ecosystem - is going public & is building an ENA treasury with the proceeds. Class A shares are expected to be traded on Nasdaq under the ticker symbol "USDE" (analogous to its own stablecoin). The Ethena Foundation will hold the majority of voting rights in StablecoinX after the merger. The statement reads promisingly: The stock markets will now have direct access to the most important emerging trend in the entire financial world: The growth of digital dollars and stablecoins." Circle will thus face competition. StablecoinX Inc. intends to use the entire cash proceeds of 260 million USD from the capital increase to buy ENA. At current prices, this corresponds to about 8 percent of the ENA in circulation.

• Over the next six weeks, the company plans to invest approximately 5 million USD daily into the cryptocurrency. Investors in Stablecoin include prominent industry VCs such as Dragonfly, Pantera, and Galaxy Digital. The Ethena Foundation also has the right to veto any sale of ENA by StableCoinX. The goal is anyway the accumulation of ever larger amounts of ENA. Ethena is currently the third largest stablecoin issuer. The market capitalization of the USDe token recently surpassed the 6 billion USD mark. While some crypto investors still bear the weight of the Terra Luna trauma, others view Ethena as a stablecoin revolution. The stablecoin hype is currently gaining momentum. Following the successful IPO of USDC.