Venture capitalists have committed $360 million to a new company centered on the Ethena (ENA) stablecoin project. TLGY Acquisition announced a business combination with StablecoinX Assets, featuring a $360 million private investment in public equity (PIPE). This includes a $60 million contribution from the Ethena Foundation, alongside investments from Pantera Capital and Galaxy Digital. The initiative aims to offer shareholders exposure to the stablecoin market. Young Cho, CEO of TLGY and SC Assets, emphasized Ethena's role as a leading digital dollar issuer. The transaction provides public market investors with access to the Ethena ecosystem. ENA is currently trading at $0.53, reflecting a notable rise in July.