In the past few days, a heated discussion has erupted in the crypto market about 'US stock listed companies supporting ENA'. The core player behind this is a company you may have never heard of: StablecoinX.
This is a typical intersection of Web2 and Web3 capital stories. This article will fully dissect the ins and outs of this event: Who is StablecoinX? Why can it raise $360 million? What is its relationship with Ethena Labs? Do ordinary ENA holders really benefit?
One, who is StablecoinX?
StablecoinX Inc. is an American company soon to go public via SPAC, with the core mission of being a long-term treasury manager for the USDe stablecoin, primarily buying and holding ENA as main asset reserves.
Its birth stems from a merger case: In July 2025, StablecoinX announced it would go public on Nasdaq by merging with SPAC company TLGY Acquisition Corp. After the merger is completed, it will trade on Nasdaq under the code USDE.
Two, what is SPAC? Why can TLGY go public?
SPAC (Special Purpose Acquisition Company) is a shortcut for going public by raising funds through an IPO and then finding a target company to merge with.
TLGY is such a SPAC shell: listed at the end of 2021, raised $200 million, originally had no business, existing only to find targets for future mergers.
The SPAC process does not require the complex profit review and financial audit processes of traditional IPOs, allowing for faster listings and more flexible mergers.
Three, where does the $360 million come from? Who invested the money?
The PIPE (Private Investment in Public Equity) financing structure announced by StablecoinX is as follows:
The total funding related to PIPE financing is as follows (note: not all components belong to 'cash investment'):
$200 million: The original fundraising for the TLGY SPAC IPO;
$160 million: Cash PIPE investors entering the market;
$100 million: Investors subscribed to ENA tokens at a discount (included in financing but not cash);
$60 million: ENA tokens donated by the Ethena Foundation (not part of financing, only for asset support).
Note: Of this, only about $260 million is disposable cash, and another $160 million is ENA assets (including discounted purchases and donations).
This means that StablecoinX will have about $260 million in cash + $160 million worth of ENA tokens upon listing, becoming a rare 'pure on-chain asset management' US stock company in crypto history.
Four, the role of Ethena Labs: Is it a shareholder? Why not go public directly?
This is the most confusing part: Ethena Labs is not a shareholder of StablecoinX.
But it is the designer and behind-the-scenes driving force of this transaction, deeply binding StablecoinX through a series of agreements:
Donating $60 million ENA tokens to it;
Allowing it to purchase 100 million ENA at a discount;
Signing a 5-year strategic cooperation agreement, clarifying treasury goals, asset custody methods, and restrictions on selling ENA, etc.;
The investment committee of StablecoinX includes members designated by Ethena Labs.
This approach of 'I’m not your boss, but you can only hold my coins' is essentially a typical practice of regulatory isolation + control retention, ensuring that StablecoinX can be legally listed while being firmly bound to the USDe ecosystem.
Five, how will they support ENA in the future?
According to the announcement, StablecoinX plans to use its cash treasury funds to purchase approximately $150 million worth of ENA tokens within 6 weeks after the merger is completed.
Purchase method: Daily purchases through market makers in batches, averaging about $5 million per day;
Holding arrangement: All ENA holdings are considered permanent capital and cannot be sold, lent, or mortgaged unless authorized by Ethena.
This is almost a logical replication of 'on-chain MicroStrategy', just with assets swapped for ENA, and the protagonist transformed into a SPAC merger company.
Six, if you only hold ENA, can you benefit from this?
One key understanding is: holding ENA tokens does not mean you own shares of StablecoinX, nor do you participate in its profit rights and governance.
Your relationship with StablecoinX is simply:
The assets you hold are exactly its treasury assets.
The more it buys, the tighter it locks, the more supporting effect it has on ENA’s circulating market value.
Therefore, you can only 'indirectly benefit' from the market push brought by this coin-buying plan, rather than the company's own earnings.
Seven, are there arbitrage opportunities?
Smart investors might ask: If StablecoinX really goes public in the future (stock code USDE), can they arbitrage between its stock and ENA?
The answer is yes, this type of arbitrage may include:
Stock price is lower than the net value of ENA held → Buy stocks to rise
ENA rises but USDE stock price does not reflect → Arbitrage for correction
Holding both ENA and stock to hedge market fluctuations, achieving 'double beta allocation'
But the premise is: you can clearly assess the transparency of StablecoinX's holdings, the volatility of ENA, and the sentiment misalignment in the secondary market.
Eight, how should we view this matter?
This is a very clever and representative innovation in crypto capital structure:
Ethena continues to maintain the 'purity' of on-chain protocols, staying away from regulatory risks;
StablecoinX embraces US stock financing, treasury operations, and asset transparency;
PIPE institutions exchange cash + ENA for potential future returns;
Retail investors participate in ENA, enjoying potential 'support' premiums.
Once this structure runs smoothly, it may become the standard template for multiple on-chain projects 'reverse merging into Nasdaq' in the future.
Author's note: This article is based on public information and agreement terms analysis (mainly referring to: GlobeNewswire, Cointelegraph, Ropes & Gray, SEC.gov, etc.), supplemented by personal interpretation, and does not constitute investment advice.
