StablecoinX Inc. announced a $360 million funding round and plans to go public on Nasdaq under the ticker USDE, offering traditional investors a new way to access the growing stablecoin market.
The raise includes $260 million in cash and $60 million in Ethena (ENA) tokens contributed by the Ethena Foundation. ENA is the native governance and value-accrual token of Ethena, a decentralized finance (DeFi) protocol that issues USDe, a synthetic, yield-bearing stablecoin pegged to the U.S. dollar.
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According to an announcement by Ethena Labs on X, StablecoinX will use the funds to acquire locked ENA tokens. ENA is the native token of Ethena, a crypto protocol that powers USDe, a yield-bearing stablecoin pegged to the U.S. dollar.
“Starting today, the Ethena Foundation subsidiary (via third-party market makers) will use 100% of the $260 million cash proceeds from the token sale to strategically purchase $ENA across publicly traded venues over the coming weeks,” the statement said.
The planned daily purchases of $5 million are expected to represent around 8% of ENA’s current circulating supply of 6.35 billion tokens.
The Ethena Foundation also retains the right to veto any ENA sales made by StablecoinX, ensuring a long-term accumulation strategy.
Ethena (ENA) price soared following the news, jumping 11% within an hour of the announcement. The token, with a market cap of $3.68 billion, is now trading at $0.58—its highest level in over five months.
Despite the rally, ENA is still trading 61% below its all-time high of $1.52, reached in April 2024.
Why This Matters
The planned Nasdaq listing positions StablecoinX as a potential bridge between decentralized crypto infrastructure and public equity markets—offering mainstream investors regulated access to the digital dollar economy.
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People Also Ask:
ENA tokens provide governance rights to holders and capture value from the Ethena protocol, which manages USDe’s supply, yield mechanisms, and ecosystem development.
USDe is Ethena’s synthetic stablecoin, pegged to the U.S. dollar, designed to earn yield while maintaining price stability through decentralized protocols.
Unlike traditional stablecoins, USDe is yield-bearing, offering holders the opportunity to earn returns while using a decentralized, trust-minimized stablecoin.
As with all cryptocurrencies, investing in ENA carries risks. Potential investors should conduct thorough research and consider market volatility before investing.
