3 hours ago
The Ethena Foundation is making a bold propulsion into the nationalist markets by creating a caller stablecoin-focused treasury firm, StablecoinX Inc.
According to a July 21 statement, the institution volition spell nationalist done a merger with TLGY Acquisition Corp. As portion of the deal, StablecoinX plans to put $360 cardinal into the buyback and accumulation of ENA, the autochthonal token of Ethena.
Following the announcement, ENA jumped 8% to $0.5437, its highest level since January.
StablecoinX
StablecoinX volition beryllium listed connected Nasdaq nether the ticker awesome USDE. The steadfast said it would run infrastructure astir the ENA ecosystem, including validator services and staking tools.
Meanwhile, the backing circular includes a $60 cardinal concern from the Ethena Foundation, alongside information from top-tier crypto investors specified arsenic Dragonfly, Pantera Capital, Galaxy Digital, Wintermute, and Polychain Capital.
Guy Young, laminitis of Ethena Labs, emphasized the deal’s value portion saying:
“The motorboat of StablecoinX volition supply the archetypal axenic play vulnerability for equity investors to the fastest increasing institution successful the astir important thematic inclination successful crypto: integer dollars upgrading wealth into the net epoch and eating each of concern successful the process.”
USDe’s proviso reaches a caller high
The StablecoinX announcement comes amid rising involvement successful Ethena’s synthetic dollar, USDe.
Last week, USDe saw its second-largest play issuance ever, minting astir $698 cardinal worthy of tokens, according to information from Entropy Advisors via Dune Analytics.
According to the data, the nett minting of USDe reached $267 cardinal connected July 14 alone, followed by $160 cardinal each of the adjacent 2 days.
Ethena Labs USDe (Source: Dune Analytics)With the latest proviso boost, USDe’s full circulation has surpassed $6 cardinal tokens, its highest since February. This makes it the third-largest stablecoin successful the crypto marketplace down Tether’s USDT and Circle’s USDC.
This maturation highlights rising request for integer dollars, peculiarly arsenic regulatory clarity improves. Young said:
“It is present evident that the maturation of integer dollars and stablecoins is not lone the astir important communicative successful crypto, but each of finance. There are hundreds of billions successful latent TradFi request for crypto exposure, but this request is chiefly focused connected a constrictive subset of themes: BTC, ETH & stablecoins.”
Last week, President Donald Trump signed the GENIUS Act, which brings stablecoin issuers nether nonstop oversight from the US Federal Reserve. The authorities mandates afloat plus backing with highly liquid instruments specified arsenic currency oregon Treasury bills and sets wide compliance and redemption standards.
The station Ethena launches StablecoinX arsenic ENA climbs 8% and USDe proviso crosses $6B appeared archetypal connected CryptoSlate.
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