The Ethena Foundation makes a bold push on the public markets by creating a new financing company -oriented company, Stablecoinx Inc.
According to a July 21 rackThe company will be public by a merger with Tlgy Acquisition Corp. As part of the deal, Stablecoinx is planning to invest $ 360 million in the return and accumulation of ENA, the native token of Ethena.
After the announcement, ENA rose by 8% to $ 0.5437, the highest level since January.
Stablecoinx
Stablecoinx is mentioned on Nasdaq under the Ticker symbol used. The company said it would operate an infrastructure around the ENA ecosystem, including validator services and strike tools.
In the meantime, the financing round includes an investment of $ 60 million from the Ethena Foundation, in addition to participation of TopCrypto investors such as Dragonfly, Pantera Capital, Galaxy Digital, Wintermute and Polychain Capital.
Guy Young, founder of Ethena Labs, emphasized the importance of the deal while proverb:
“The launch of Stablecoinx will offer the first pure game basting to stock investors to the fastest growing company in the most important thematic trend in crypto: digital dollars that upgrade money to the internet age and all finances in the process of eating.”
Usde’s stock reaches a new high
The stablecoinx announcement comes in the midst of increasing interest in the synthetic dollar of Ethena, used.
Last week we saw the second largest weekly issue ever, according to data from Entropy Advisors via Dune Analytics for nearly $ 698 million in tokens.
According to the factsThe Netto Minting of Usde only reached $ 267 million on July 14, followed by $ 160 million each of the following two days.
With the latest supply boost, the total circulation of Usde has surpassed $ 6 billion tokens, the highest since February. This makes it the third largest stablecoin in the cryptomarket behind USDT from Tether and Circle’s USDC.
This growth emphasizes the increasing demand for digital dollars, in particular as the clarity of the regulations improves. Young said:
“It is now clear that the growth of digital dollars and stablecoins is not only the most important story in crypto, but all finances. There are hundreds of billions in latent tradfi question for exposure to crypto, but this requirement is mainly aimed at a limited subset of themes: BTC, Eth & Stablecoins.”
Last week President Donald Trump signed the Genius Act, who brings Stablecoin -Emitents under the direct supervision of the American Federal Reserve. The legislation is used full assets with very liquid instruments such as cash or treasury accounts and establishes clear compliance and repayment standards.
