Ethena Labs has created StablecoinX Inc. and secured a combined $360 million to finance a large-scale accumulation of ENA, the governance token behind Ethena’s USDe synthetic dollar. The new company will list its Class A shares on the Nasdaq Global Market through a merger with blank-check firm TLGY Acquisition Corp., trading under the ticker “USDE.” Of the total financing, $60 million comes from an in-kind contribution of ENA by the Ethena Foundation, while approximately $260 million will be deployed to buy ENA on the open market—about $5 million a day over the next six weeks, equal to roughly 8 percent of the token’s circulating supply. The transaction is backed by crypto-focused investors including Pantera Capital, Haun Ventures, Galaxy Digital and Polychain Capital. Ethena will retain veto rights over any future ENA sales by StablecoinX to align incentives between tokenholders and public-market shareholders. The announcement sent ENA up about 8 percent to near $0.54, its highest level since January. It also comes as USDe’s supply has climbed past $6 billion, making it the third-largest U.S.-dollar-pegged asset after Tether’s USDT and Circle’s USDC. Ethena founder Guy Young said the public listing offers equity investors a direct way to gain exposure to the fast-growing stablecoin sector.