StablecoinX Inc., a company affiliated with Ethena Labs, has announced a $360 million capital raise aimed at purchasing ENA tokens and pursuing a public listing on the Nasdaq Global Market under the ticker symbol "USDE." This capital raise includes a $60 million contribution from the Ethena Foundation. StablecoinX plans to acquire ENA tokens at a rate of $5 million daily, supported by investors such as Pantera Capital, Haun Ventures, and Galaxy Digital. The initiative represents a novel approach to combining stablecoin backing with public market exposure. ENA has recently seen an 8% price increase, with its circulating supply surpassing $6 billion. The token's total value locked (TVL) reached $7 billion, setting new highs, and it currently offers yields above 10% on billions in assets under management. This development follows a resolution of regulatory challenges from the German regulator BaFin in June, which had previously posed headwinds for Ethena. The market has responded with a breakout from a multi-month consolidation phase, indicating growing institutional interest in stablecoins and tokenization. Additionally, related DeFi protocols continue to innovate, with new products like fixed-leverage short positions and risk premiums being introduced.