The Ethena Foundation is making a bold push into the public markets by creating a new stablecoin-focused treasury firm, StablecoinX Inc.
Following the announcement, ENA jumped 8% to $0.5437, its highest level since January.
StablecoinX will be listed on Nasdaq under the ticker symbol USDE. The firm said it would operate infrastructure around the ENA ecosystem, including validator services and staking tools.
“The launch of StablecoinX will provide the first pure play exposure for equity investors to the fastest growing company in the most important thematic trend in crypto: digital dollars upgrading money into the internet era and eating all of finance in the process.”
Last week, USDe saw its second-largest weekly issuance ever, minting nearly $698 million worth of tokens, according to data from Entropy Advisors via Dune Analytics.
This growth highlights rising demand for digital dollars, particularly as regulatory clarity improves. Young said:
“It is now obvious that the growth of digital dollars and stablecoins is not only the most important story in crypto, but all of finance. There are hundreds of billions in latent TradFi demand for crypto exposure, but this demand is primarily focused on a narrow subset of themes: BTC, ETH & stablecoins.”
Last week, President Donald Trump signed the GENIUS Act, which brings stablecoin issuers under direct oversight from the US Federal Reserve. The legislation mandates full asset backing with highly liquid instruments such as cash or Treasury bills and sets clear compliance and redemption standards.
