StablecoinX is launching as a treasury firm focused on accumulating Ethena's ENA token, backed by a $360 million SPAC merger with TLGY Acquisition Corp. and major investors like Pantera and Galaxy. The Ethena Foundation is also initiating a $260 million buyback program for ENA tokens, contributing to increased demand and a recent price rally.

Sui Group, a digital asset treasury company, is set to launch two stablecoins, suiUSDe and USDi, on its Layer 1 blockchain by the end of the year. The stablecoins are being developed in partnership with Ethena, with suiUSDe offering yield to holders while USDi will not. The move comes as competition in the stablecoin market intensifies.