news 
Title: Ethena Launches StablecoinX, ENA Climbs 8%, and USDe Supply Crosses $6 Billion
In a groundbreaking move, Ethena has officially launched its new stablecoin-focused treasury firm, StablecoinX Inc. This development comes as a result of a merger with TLGY Acquisition Corp., which will see the company go public. As part of this deal, StablecoinX plans to invest $360 million in the buyback and accumulation of ENA, Ethena’s native token. This significant investment has resulted in ENA experiencing an impressive 8% climb, reaching its highest level since January at $0.52290.
The launch of StablecoinX is a substantial milestone for Ethena Labs, which aims to provide a synthetic dollar (USDe) that operates independently from traditional banking infrastructure. The company’s innovative approach has garnered significant attention, with ENA’s market capitalization reaching $1.77 billion and its daily volume exceeding $3.32 billion.
The growth of USDe supply is a testament to the rising demand for digital dollars. Notably, this surge in supply has led to it becoming the third-largest stablecoin behind Tether (USDT) and Circle (USDC). This remarkable achievement underscores the importance of Ethena’s synthetic dollar and its potential to revolutionize the financial landscape.
Ethena CEO Guy Young emphasized the significance of StablecoinX, stating that this development provides the first pure-play exposure for equity investors in the fastest-growing company within the thematic trend of digital dollars.
Source: cryptoslate.com
