The adoption of the US regulatory framework GENIUS Act seems to be sounding the starting gun for the dollar-backed stablecoin sector. Proof of this is the launch of a treasury company associated with the Ethena (USDe) project, which will purchase $360 million worth of ENA tokens.
Ethena raises $360 million to launch an enterprise crypto treasury
The timing appears to be right for acceleration in the stablecoin sector. This is especially true since the GENIUS Act regulatory framework became a reality in the United States following its official adoption by Donald Trump at the end of last week.
This favorable environment for cryptocurrencies is also accompanied by palpable excitement in the field of corporate crypto treasuries. This has provided an opportunity for the Ethena stablecoin project to make a group move, announcing the creation of a company called StablecoinX, whose objective is to accumulate its native ENA tokens.
The announcement, published a few hours ago by the official Ethena Labs account, reports that StablecoinX has raised $360 million in funding. The process was carried out with the participation of blank check company TLGY Acquisition in order to “finalize a business combination (…) to form StablecoinX, an Ethena treasury company focused on stablecoins.”
StablecoinX Inc. announces $360 million capital raise to purchase ENA tokens and will seek to list its Class A common stock on the Nasdaq Global Market under the symbol “USDE.”
Ethena Labs
StablecoinX: a company dedicated to accumulating ENA tokens
This record fundraising involves iconic players in the cryptocurrency sector, such as venture capital funds Dragonfly, Pantera Capital, Polychain Capital, Galaxy Digital, and Wintermute. This is complemented by a $60 million investment from the Ethena Foundation.
In practice, this new subsidiary will launch a strategy to purchase $5 million worth of ENA tokens per day over the next six weeks. This process will initially involve a total of $260 million, or “approximately 8% of its outstanding supply.”
Ethena is the third-largest issuer of on-chain digital dollars, after Tether and Circle. This treasury initiative supports StablecoinX’s goal of generating value for shareholders by obtaining a strategic stake in a protocol at the forefront of accelerating global demand for digital dollars.
Ethena Labs
In order to satisfy all enthusiasts of this type of transaction, StablecoinX is committed to guaranteeing “the best possible ratio of ENA tokens per share.” At the same time, a staking service will also be available to optimize returns. However, the Ethena Foundation retains the exclusive right to veto any sale of ENA tokens by StablecoinX.
