Venture capitalists are forming a new firm based on accumulating stablecoin-focused crypto project Ethena (ENA).

Special purpose acquisition company TLGY Acquisition, announced early on Monday that it had entered into an agreement for a business combination with StablecoinX Assets.

The two companies agreed to a roughly $360 million private investment in public equity (PIPE), including a $60 million investment from the Ethena Foundation itself, plus contributions from other high-profile investors in the space like Pantera Capital, Galaxy Digital, Wintermute and more.

According to the press release, the VCs believe in “large-scale ENA accumulation” in order to provide shareholders exposure to the “secular stablecoin supercycle.”

Says Young Cho, CEO of both TLGY and SC Assets,

“As a top issuer of digital dollars alongside Tether and Circle, Ethena is a direct beneficiary of the growth in stablecoin adoption… But it is currently difficult for investors to capitalize on its strong position since the native token ENA is difficult to access in traditional capital markets. This transaction gives public market investors transparent, well-governed access to the Ethena ecosystem.

Deploying capital to accumulate ENA at scale is a deliberate, multiyear capital allocation strategy that will enable StablecoinX to capture the value driven by the secular surge in demand for digital dollars while compounding intrinsic value per share.”

At time of writing, ENA is trading at $0.53, up over 100% in July so far.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The Moca Foundation has announced plans to launch Moca Chain, a new Layer 1 blockchain infrastructure focused on digital identity and data verification.

The project aims to give individuals and systems a way to manage identity credentials without relying on centralised platforms. The initiative comes amid broader industry efforts to address growing concerns over data privacy, user control, and interoperability in digital services.

Moca Chain will support identity-based protocols and enable data verification across different chains and platforms. The chain is scheduled to begin testing in the third quarter of 2025, with a full mainnet launch planned by the end of the year.

Key Insights

• The Moca Foundation is set to launch Moca Chain—a new Layer 1 blockchain
• Moca Chain is expected launch its testnet in Q3 2025, with the mainnet release planned for Q4 2025
• The chain will operate as an EVM-compatible, modular chain supporting decentralised storage, cross-chain identity verification, and zero-knowledge proof-based data validation
• Use cases include healthcare records, education credentials, financial compliance, and digital advertising

What is Moca Chain?

Moca Chain is a blockchain platform designed specifically to handle digital identity and verifiable user data. Unlike blockchains primarily focused on transactions or general-purpose smart contracts, Moca Chain centres on allowing users, devices, and even AI systems to manage and verify credentials across multiple services and platforms.

It supports both on-chain and off-chain data, providing a framework for third-party applications to verify user credentials without accessing private or sensitive information. Technical features include a cross-chain identity oracle, decentralised data storage, and support for zkTLS, a cryptographic protocol that enables secure and private data verification.

The platform will be compatible with the Ethereum Virtual Machine (EVM), making it interoperable with existing blockchain systems and developer tools.

What can we expect from this new blockchain?

Moca Chain is expected to serve as a foundational layer for applications that rely on user verification. Current implementation plans point to use cases across multiple sectors:

• Healthcare: A system for electronic health records that can be securely shared and verified between providers.
• Recruitment and Education: Verifiable records of academic history and professional training.
• Financial Services: KYC and AML checks with privacy-preserving technology.
• Advertising and Rewards: A unified framework for verified user onboarding and engagement.

The blockchain will be integrated with AIR Kit, an identity and reputation software kit developed by Moca Network. This integration will allow developers to build applications that include smart accounts and verifiable credentials with customisable permissions.

Partners already working with Moca Network—including SK Planet’s OK Cashbag and OneFootball—bring an existing user base in the hundreds of millions, positioning Moca Chain for broad potential reach upon launch.

The system will use MOCA Coin as a utility token for network operations. This includes transaction fees, validator staking, and payments for data-related services like oracle queries and proof generation.

Tether chief executive Paolo Ardoino reportedly says that the stablecoin issuer will stay focused on foreign markets as a stablecoin regulatory bill works through Congress.

According to a new report by Bloomberg, Ardoino says that even though the Genius Act, an industry-backed bill to regulate dollar-pegged crypto assets in the US, is making its way through Congress, Tether will remain focused overseas.

“It is important for us to see how the Genius Act is distinguishing between foreign issuers and domestic issuers. For us, the main interest will remain outside of the US. We are looking at the Genius Act in a way that will allow us to be compliant. We can be compliant while still having a strong focus on foreign markets.”

Tether, which is based in El Salvador, is the largest stablecoin issuer in the world but stopped serving customers in the US in 2018.

However, the report says that if Tether were to focus on the US, it may run into issues such as backing USDT with Bitcoin (BTC), which currently isn’t allowed due to regulations.

Ardoino goes on to say that since Tether isn’t focused on the US, the firm isn’t worried about major banks – such as JPMorgan Chase, Bank of America, Citigroup, Wells Fargo – venturing into the world of stablecoins and issuing their own.

“We are not worried about the competitors coming from big banks, because they will look at the Western world. Our customer base are the 3 billion people unbanked that are not touching the banking system.”

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Today, the Senate Banking Subcommittee on Digital Assets held its first hearing entitled “Exploring a Bipartisan Legislative Framework for Digital Assets.”

Sen. Cynthia Lumith (R-WY), a longtime supporter of the Bitcoin and digital assets industry, moderated the hearing with support from ranking members of the subcommittee ranking member Sen. Reuben Gallego (D-AZ).

Witnesses included Tim Massad, former CFTC chair and researcher at Harvard’s Kennedy School of Government. Jai Massari, Chief Legal Officer of Lightspark. Jonathan Jachim, world head of policy and government relations at Kraken. Lewis Cohen, partner of Cahill Gordon & Reindel LLP.

Setting the tone for the meeting, Senator Ramis said he intends to do his part in passing bipartisan Bitcoin and Stubcoin laws. (This was one of the few times the word “bitcoin” was mentioned during the meeting. One of the only other times mentioned at the hearing was when Massad announced his opposition to the creation of a strategic Bitcoin reserve.)

Throughout the hearing, Massad emphasized the importance of monitoring Stablecoin transactions. He proposed extending the “regulatory boundaries” to address the challenges of AML (money laundering anti-money laundering) associated with Stablecoins, and even suggested that smart contracts be designed in a way that reduces the risk of bad actors using them.

“(We) program the smart contracts to prevent the transaction from passing unless someone properly screens it,” Massad said.

Massad also suggested that Stablecoin issuers “actively monitor stubcoin activity” as a way to keep them eye on AML violations.

Massari pointed out that since these assets are implemented on public blockchains, authorities could also investigate Stablecoin transactions. She also called for wise regulations on technology.

“We tend to cram financial services into the old ones (when we regulate), bringing in new ones,” she said.

Additionally, she also advocated a “common standard set” that manages stubcoin issuers, allowing users to gain confidence in all stubcoins that are properly backed.

Jachym has made an effort to shift the focus of the hearing from Stablecoins to the Digital Asset Market Structure Bill. This argues that it is “important” for regulators to establish clear guidelines for digital assets being securities and not.

However, he didn’t take much. Massad said he argued that Stablecoins’ debate is more important than discussing the market structure bill, as regulators can work with existing securities laws to regulate crypto markets, and that the market structure bill is not a pressing issue.

Jachym emphasized that “digital assets around the jurisdiction should be simple,” saying that “the lack of certainty for regulators in the US is hampering growth (in the crypto industry).”

Cohen made a similar argument, saying that US crypto entrepreneurs “feel the constant threat of litigation,” hinting at former SEC chairman Gary Gensler’s “enforcement-based regulation” approach.

He also shared that “an uncertain regulatory environment left both consumers and users of digital assets at risk.”

The only participant in the hearing was Sen. Bernie Moreno (R-OH) who directly pushed back the US government’s desire to (over) regulate digital assets.

“The government has this complete and complete desire to control things,” Senator Moreno said.

“When you arrived at digital currency, why did you think you’d determine the pace of innovation in Washington, DC?” he concluded.

Throughout the meeting, subcommittee members asked witnesses what clues should be taken by jurisdictions around the world as the US modelled its digital asset regulatory framework.

Massad argued for the market for Europe and Crypto Asset Regulation (MICA) framework, which was just enacted by the European Union, but Jachim suggested that they look to states like Wyoming, which are the basis for Kraken, to learn from the cryptography that the state legislature has passed.

The presentation of the subcommittee senators and witnesses provided a variety of perspectives on the topic discussed, but certain feelings permeated the hearing. That was to bring together politicians on both sides of the aisle to create clear rules for the crypto industry roads.

“Bipartisan support for crypto policy is no longer a distant horizon goal,” says Jachym, with some sense of relief.