StablecoinX Bets Big: $360M ENA Treasury Play Shakes Crypto Markets
StablecoinX just dropped a bombshell—launching an aggressive Ethena treasury strategy with a jaw-dropping $360 million ENA buy. Here's why it matters.
The Move That’s Rattling DeFi
No half-measures here. StablecoinX’s nine-figure plunge into ENA isn’t just a vote of confidence—it’s a power play. Treasury strategies don’t usually make headlines, but when they involve sums that could bankroll a small nation? Cue the market chatter.
Why ENA? Why Now?
Timing’s everything. With yields cratering and TradFi playing musical chairs with rate cuts, StablecoinX is doubling down on crypto-native yield tactics. Because nothing says 'trust the system' like hedging against it with a nine-digit bet.
The Cynic’s Take
Another day, another 'institutional adoption' narrative—except this time, the institution is a crypto project buying its own ecosystem token. How very… circular. But hey, at least the ponzinomics come with a treasury report now.
$5 million daily ENA purchase
Ethena, a synthetic dollar protocol on the Ethereum network behind the USDe and USDtb stablecoins. The crypto-native solution has gained significant traction with ENA price recently rebounding to above $1.25.
While Ethena ranks as one of the top issuers of U.S. dollar-backed tokens, alongside Tether and Circle, its ENA token isn’t easily available to users in the traditional capital markets.
According to Young Cho, chief executive officer of TLGY and SC Assets, the MOVE to create StablecoinX and buy ENA “gives public market investors transparent, well‑governed access to the Ethena ecosystem.”
Cho added:
“Deploying capital to accumulate ENA at scale is a deliberate, multi‑year capital allocation strategy that will enable StablecoinX to capture the value driven by the secular surge in demand for digital dollars while compounding intrinsic value per share.”
According to Ethena Labs, the new company will buy $5 million worth of Ethena tokens daily over the next six weeks.
The purchases will be made via third-party market makers, with 100% of the $260 million available in cash, allowing StablecoinX to buy approximately 8% of the ENA circulating supply. Further capital injection directed towards buying the altcoin will be allocated to spot deals.
