The Ethena ecosystem project will log in to Nasdaq, creating a new paradigm for stablecoins.

Recently, a significant piece of news in the cryptocurrency circle has attracted widespread attention: a project of the Ethena ecosystem is about to be listed on NASDAQ through a SPAC merger. Behind this news is a funding plan worth $360 million, aimed at building a "buy-only" treasury structure. This is the first attempt in the stablecoin ecosystem to create an innovative model of "assetization + listing + repurchase + lock-up," targeting the long-term value aggregation and capital level pricing.

stablecoin ecosystem moves towards the capital market

The core of this event is a merger agreement between a SPAC (Special Purpose Acquisition Company) named TLGY and StablecoinX Assets Inc. The newly merged company will use the code "USDE" and is expected to officially log in to the NASDAQ global market in three months. StablecoinX is positioned as a company that specifically supports the Ethena ecosystem, providing validator services and financial infrastructure, aiming to create the first treasury asset platform focused on stablecoin systems.

This marks the first time that the ecological infrastructure of the stablecoin project has been directly embedded into the rules and trust mechanisms of the capital market, allowing the Ethena ecosystem to not only maintain its decentralized characteristics but also achieve structuring.

large-scale capital plan

With the SPAC merger, StablecoinX announced the completion of a $360 million PIPE financing, with several well-known institutions as investors. This fund will be used to purchase ENA on the open market and hold it long-term, with no further releases. At the same time, the Ethena Foundation has also launched a $260 million buyback plan, spanning 6 weeks. The two plans combined will lock up to 26% of the ENA circulation.

This operation has set a precedent in the industry, not just a simple purchase, but rather establishing a true value "black hole" through "circulation".

Precise financial engineering design

Ethena has built a three-layer financial system of stablecoin, yield, and derivatives through asset structures like USDe/sUSDe. The listing of StablecoinX and treasury operations provide a real-world capital support structure for this system, making it a "protocol company" that can connect with mainstream financial systems.

This design is similar to the "buyback support stock price" mechanism used by early MicroStrategy when purchasing BTC and traditional US stocks, but applies this set of tools at the Token level, creating an efficient supply and demand intervention model. This model has a natural compound interest effect and is expected to form a virtuous cycle.

The beginning of a structural upward trend

The recent rapid rise in ENA prices, the increase in trading volume, and the frequent arbitrage opportunities between exchanges are not coincidental phenomena but rather the result of the interaction between fundamentals and capital mechanisms. This reflects that Ethena is gradually transforming ENA from a tradable token into a protocol equity structure with a financial asset pricing model.

This transformation requires a comprehensive coordination of products, capital, narratives, and market awareness. In the increasingly mature cryptocurrency market, the importance of structural opportunities is becoming more pronounced. The true value of a token lies not only in its transferability but also in its priceability. When a project can enter mainstream capital structures and build long-term incentives, it possesses the potential to transcend cycles.

The innovative initiative of the Ethena ecosystem is likely to mark the beginning of a new phase, rather than the end of a short-term market trend.