StablecoinX Adopts Bitcoin’s Reserve Strategy to Maintain ENA Stability

StablecoinX has revealed an impressive $890 million fundraising effort via a merger with TLGY Acquisition Corp., representing a crucial step in its efforts to strengthen the

token system. The capital will be used to purchase more than 3 billion ENA tokens, and a $310 million buyback initiative has been launched by the Foundation to decrease the number of tokens in circulation. This move is in line with StablecoinX’s intentions to be listed on Nasdaq using the ticker “USDE” by the fourth quarter of 2025, positioning it as a specialized treasury solution for the Ethena protocol StablecoinX Secures $530M Investment to Back Ethena-Linked Treasury [ 1 ]. Institutional investors such as Brevan Howard, Susquehanna Crypto, and the Ethena Foundation have backed the merger, demonstrating strong faith in the long-term prospects of the ENA token StablecoinX to go public via SPAC merger, raising [ 2 ].

Recently, Ethena Labs withdrew from Hyperliquid’s USDH stablecoin competition, a move that coincided with increased market activity for ENA. Based on input from validators and the community, this decision resulted in ENA’s price dropping 2.9% over a 24-hour period. Nevertheless, Ethena’s founder, Guy Young, described the withdrawal as a strategic fit with Hyperliquid’s community-oriented philosophy, allowing the team to refocus on product development within the Ethena ecosystem ENA price drops as Ethena exits Hyperliquid’s USDH stablecoin race [ 3 ]. Meanwhile, StablecoinX’s approach to its treasury is modeled on

treasury strategies, with ENA tokens locked up to increase scarcity and help stabilize prices. Daily buybacks ranging from $5 million to $10 million, subject to price conditions, are expected to cut supply by up to 8% Ethena (ENA) Buybacks Accelerate as StablecoinX Lifts Total [ 4 ].

Support from institutions and recent regulatory changes are also shaping StablecoinX’s growth. The merger brings in $260 million in cash and $100 million in ENA tokens held in lockup, all overseen by a joint investment committee that includes the Ethena Foundation. This setup gives the Foundation veto authority over ENA sales, helping maintain steady governance StablecoinX Plans Nasdaq Listing and $360M ENA Token Reserve [ 5 ]. At the same time, lawmakers in the U.S. are progressing with new rules to regulate stablecoins, including requirements for reserves, which could increase trust in projects like StablecoinX US regulation, Circle IPO signal mood shift around stablecoins [ 6 ].

Current market conditions emphasize the importance of these actions. Ethena’s

token, which is now the third-largest stablecoin on-chain with a $6.1 billion market cap, is benefitting from both the reduced ENA supply and the influx of institutional capital. With the buyback program and the latest capital raise together, about 20% of ENA’s current supply is now covered, adding deflationary pressure StablecoinX Secures $530M Investment to Back Ethena-Linked Treasury [ 7 ]. Analysts point out that while such treasury tactics are well-known in Bitcoin, they are relatively new in the stablecoin world and could encourage broader adoption Ethena (ENA) Buybacks Accelerate as StablecoinX Lifts Total [ 8 ].

StablecoinX’s upcoming Nasdaq debut and ENA treasury model are indicative of a larger movement where traditional finance is merging with cryptocurrency infrastructure. Focusing on staking options and corporate reserves, and supported by clearer regulations, the company is well positioned to meet rising interest in stablecoin-backed assets. As the Ethena Foundation and institutional backers continue to align their goals, the future of the ENA token will hinge on consistent buyback implementation and confidence in its decentralized governance structure StablecoinX Plans Nasdaq Listing and $360M ENA Token Reserve [ 9 ].