Ethena Foundation Launches StablecoinX with $360M ENA Buyback Plan

The Ethena Foundation has announced the creation of a new company, StablecoinX Inc.

This move is aimed at strengthening its crypto treasury strategy and investing in the long-term growth of its native token, ENA.

The team plans to invest a total of $360 million in this significant step, aiming to grow the Ethena ecosystem and support the use of digital dollars.

Ethena Floars New Public Company Backed by ENA Strategy On Monday, a unit of the Ethena Foundation confirmed a merger agreement with TLGY Acquisition Corp. (TLGYF), a publicly listed special purpose acquisition company (SPAC).

This deal will take StablecoinX public on the Nasdaq under the ticker USDE.

Alongside this, the Foundation has launched a validator and infrastructure business that will purchase millions of dollars’ worth of ENA tokens.

This move positions StablecoinX as a key player in the Ethena ecosystem.

Strong Backing from Leading Crypto Investors As revealed, the $360 million investment includes a $60 million direct contribution from the Ethena Foundation.

The rest comes from private investment in public equity (PIPE) deals.

Major cryptocurrency investors, including Dragonfly, Ribbit Capital, Blockchain.com, and Pantera Capital, support these.

Others include Galaxy Digital, Haun Ventures, and Wintermute.

According to a public statement, these funds will support a “multi-year treasury strategy” aimed at building a reserve of ENA.

This reserve is expected to create lasting value for shareholders while reinforcing the role of Ethena in the growing digital dollar economy.

StablecoinX’s Role and Mission StablecoinX will manage ENA infrastructure and offer staking services.

The company plans to use its earnings to increase its ENA holdings over time.

Its strategy is to maximize ENA per share.

This means the new company will focus on improving the value of each share through the strategic accumulation of ENA.

The Ethena protocol is known for its Ethereum-based synthetic dollar, USDe, which utilizes a delta-hedging method to maintain its price stability.

Some investors even refer to the USDe as an internet bond due to its yield features.

In June, Ethena partnered with Securitize, a tokenization firm, to enable atomic transfers between BlackRock’s BUIDL fund and USDt.

USDtb, launched in 2024 , is another stablecoin within its ecosystem, backed by BlackRock’s USD Institutional Digital Liquidity Fund.

In a recent statement, Marc Piano, Director at the Ethena Foundation, said the goal of this initiative is to build long-term value.

He added that it also helps keep Ethena strong and decentralized.

Following the announcement, the price of ENA rose.

The token is currently trading at $0.55, representing a 10.47% increase in the last 24 hours, according to CoinMarketCap data.

Notably, it remains below its highest price of $1.52, set in December 2024. However, this new treasury and infrastructure plan could mark the start of a new phase of growth for the project.

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