Author: Tindorr, Crypto KOL; Translation: Jinse Finance xiaozou
The announcement of StablecoinX's ENA Digital Asset Treasury (DAT) might seem like a routine treasury operation at first glance.
Another treasury announcement? Not quite. Behind it lies a more strategically significant new landscape - building a capital bridge between traditional finance and the on-chain stablecoin ecosystem.
By establishing StablecoinX, Ethena has created a tool that allows traditional equity investors to gain ENA exposure without setting up wallets, using centralized exchanges, or engaging with DeFi.
This structure appears simple but is powerful. It quietly opens up long-term, repeatable capital inflow channels that were previously unreachable.
Since the announcement, ENA has shown relative strength in the market. The price trend indicates a stable accumulation pattern, which may be just the beginning.
1. Degens Overview
StablecoinX will merge with the Special Purpose Acquisition Company (SPAC) TLGY, list on NASDAQ with the stock ticker USDE, and bring $360 million in new capital to launch a multi-phase ENA treasury strategy:
$260 million in cash will be invested in a 6-week buyback program (starting July 21).
Strategically acquiring ENA in the open market, targeting approximately 8% of circulating supply at the July 23 price level.
Raised $100 million to lock ENA (including $60 million from the Ethena Foundation).
All tokens will be permanently locked and recorded on the balance sheet: forbidden from lending or selling.
The Ethena Foundation has veto power over any future token sales.
StablecoinX will become a long-term "black hole" for ENA, permanently reducing circulating supply.
This is the first pure treasury listing company in the stablecoin track, and the market is just beginning to realize the far-reaching impact of this capital flow.
[The rest of the translation continues in the same professional manner, maintaining the original structure and meaning while translating to English.]
