StablecoinX and ENA: The Convergence of Capital Between Web2 and Web3

Recently, the cryptocurrency market has witnessed a heated discussion around "a certain US stock-listed company supporting ENA." The central figure of this discussion is a company called StablecoinX, which, despite being relatively unknown, has garnered widespread attention.

This is a typical case of the integration of Web2 and Web3 capital. Let's delve into the ins and outs of this event: the background of StablecoinX, the sources of its $360 million financing, its relationship with Ethena Labs, and the potential impact on ordinary ENA holders.

Introduction to StablecoinX

StablecoinX Inc. is a company planning to go public in the United States via a SPAC. Its core mission is to act as the long-term treasury manager for the USDe stablecoin, primarily by purchasing and holding ENA as asset reserves. The company originates from a merger: in July 2025, StablecoinX announced it would merge with the SPAC TLGY Acquisition Corp and list on NASDAQ under the ticker USDE.

Analysis of SPAC Model

SPAC (Special Purpose Acquisition Company) is a shortcut to going public that involves raising funds through an IPO and then searching for a target company to merge with. TLGY is such a SPAC shell that went public at the end of 2021, raising $200 million, and exists specifically for future mergers and acquisitions. The SPAC model bypasses the cumbersome processes of traditional IPOs, enabling faster listings and more flexible mergers.

Financing Details

The financing structure of StablecoinX is as follows:

• 200 million USD: TLGY SPAC IPO original fundraising amount
• $160 million: new PIPE investors cash contribution
• 100 million USD: Investors subscribe to ENA tokens at a discounted price.
• 60 million dollars: ENA tokens generously donated by the Ethena Foundation

The actual disposable cash is approximately $260 million, along with $160 million worth of ENA token assets. This makes StablecoinX a rare "pure on-chain asset management" U.S. stock company in the history of cryptocurrency.

The Role of Ethena Labs

Interestingly, Ethena Labs is not a shareholder of StablecoinX, but the driving force behind this transaction. Through a series of agreements, Ethena Labs has established a deep connection with StablecoinX:

• Gift of 60 million ENA tokens
• Allow the purchase of 100 million ENA at a discounted price
• Sign a 5-year strategic cooperation agreement
• Arrange members in the StablecoinX Investment Committee

This strategy achieves regulatory separation while retaining control, ensuring that StablecoinX can be legally listed while closely connecting to the USDe ecosystem.

ENA Support Program

StablecoinX plans to purchase ENA tokens with approximately $150 million within 6 weeks after the merger is completed:

• Daily buying in batches through market makers, averaging about 5 million USD per day.
• All ENA held is considered permanent capital and may not be sold, lent, or pledged without Ethena's authorization.

This operating model is similar to "on-chain MicroStrategy", just replacing Bitcoin with ENA.

Impact on ENA Holders

It is important to note that holding ENA tokens is not the same as owning shares of StablecoinX. The relationship between ENA holders and StablecoinX is limited to the fact that the assets held are exactly the treasury assets of StablecoinX. ENA holders can only benefit indirectly through market movements, rather than directly sharing in the company's profits.

Potential Arbitrage Opportunities

If StablecoinX is successfully listed, the following arbitrage opportunities may arise:

• Stocks can be bought when the stock price is below its held ENA net value, waiting for an increase.
• If the ENA price rises while the USDE stock price does not respond, arbitrage for a supplementary increase can be conducted.
• Holding both ENA and stocks simultaneously to hedge against market fluctuations and achieve a "dual beta allocation".

However, this requires an accurate assessment of the holding transparency of StablecoinX, the volatility of ENA, and market sentiment.

Summary

This is a highly innovative case of cryptocurrency capital structure:

• Ethena maintains the purity of on-chain protocols and avoids regulatory risks.
• StablecoinX utilizes US stock financing, treasury operations, and asset transparency.
• PIPE institutions exchange cash and ENA for future potential returns
• Retail investors participating in ENA may enjoy a "floor" premium.

If this model is successful, it may become the standard template for future "shelling onto Nasdaq" projects on multiple chains.