Ethena sees gains as StablecoinX Inc plans to launch ENA treasury

• TLGY Acquisition Corp announced a business merger with StablecoinX Assets to become StablecoinX Inc. 
• The combined company aims to launch a $360 million treasury focused on Ethena.
• ENA is up 3% in the past 24 hours following the announcement.

Ethena (ENA) rallied 3% on Monday after TLGY Acquisition Corp. announced a merger with StablecoinX Assets to form StablecoinX Inc., which will see the new company launching a $360 million ENA treasury.

StablecoinX set to launch Ethena treasury

TLGY Acquisition Corp. and Ethena-focused validator StablecoinX Assets announced that they will merge to form a new company, StablecoinX Inc., which will be listed on the NASDAQ under the ticker symbol USDE.

The merger will be supported by a $360 million private investment in public equity (PIPE) arrangement. The Ethena Foundation is expected to contribute $60 million, with an additional $200 million in cash from investors including Dragonfly, Pantera Capital, ParaFi Capital, Haun Ventures, Galaxy Digital and Wintermute.

As part of its support, a subsidiary of the Ethena Foundation will assist StablecoinX in making an initial $100 million purchase of locked ENA tokens. The funding will be used to build an Ethena-focused reserve intended to support the new company's long-term strategy around stablecoin infrastructure and protocol development.

The transactions are expected to close in Q4, pending shareholder approval, StablecoinX's successful listing on NASDAQ, and other conditions.

"Deploying capital to accumulate ENA at scale is a deliberate, multi‑year capital allocation strategy that will enable StablecoinX to capture the value driven by the secular surge in demand for digital dollars while compounding intrinsic value per share," said Young Cho, CEO of TLGY, in the press release.

Upon completion of the PIPE, the Ethena Foundation is expected to receive majority shares of StablecoinX's Class B stock. After the merger, StablecoinX will provide infrastructure and staking services for the Ethena network, including operating validators and other technical components.

The Ethena Foundation also claims it will oversee a $5 million per day ENA acquisition over the next six weeks, totaling about $260 million, which represents 8% of ENA's current circulating supply.

The company stated that it aims to offer StablecoinX shareholders a proxy exposure to Ethena's stablecoin products, including USDe and USDtb.

The move follows progress in stablecoin legislation in the US after President Trump signed the GENIUS bill into law on Friday. 

ENA rose 3% in the past 24 hours following the announcement. The altcoin has surged above its 200-day Simple Moving Average (SMA) and the $0.478 resistance. If ENA holds this level as support, it could stretch its rally to the next key level at $0.698.

ENA/USDT daily chart

The Relative Strength Index (RSI) and Stochastic Oscillator (Stoch) are in their overbought regions, indicating a dominant bullish momentum but with potential for a pullback.