StablecoinX, the first pure-play treasury company focused on the Ethena ecosystem, has completed its business combination with TLGY Acquisition Corp. and began trading on Nasdaq under the ticker "USDE" on June 26, 2026. The listing offers public-market investors direct exposure to Ethena's synthetic dollar infrastructure and its governance token, ENA.
The freshly public company holds approximately 3.029 billion ENA tokens, worth about $275 million based on the 30-day average price used before closing. That stake represents roughly 20% of ENA’s total supply, firmly linking StablecoinX’s balance sheet to Ethena’s tokenomics and network activity. The deal also resulted in approximately 24 million publicly traded Class A shares, while public warrants are set to trade under the symbol USDEW starting the same Friday.
StablecoinX plans to use its ENA treasury to operate a decentralized verifier node that validates cross-chain messages across networks supporting Ethena products. The company expects fees to depend on processed volume. It can also buy additional ENA directly from the Ethena Foundation at a discount and may receive ecosystem token distributions once Ethena activates its planned protocol fee switch.
Beyond node operation, StablecoinX is building Stablecoin Harness, a middleware stack that aims to unify payment routing, bridging, liquidity, reporting, treasury tools and compliance services for institutions. The firm also intends to develop institutional distribution services, potentially raising debt or equity to acquire USDe—Ethena’s synthetic dollar—and earn management fees on deployed capital.
However, the listing arrives at a challenging moment. USDe’s circulating supply has plunged about 70% from its October 2024 peak above $14 billion to roughly $4.5 billion, as negative funding rates weakened the yield engine. ENA itself remains far below its 2024 high. StablecoinX CEO Edward Chen remains bullish, saying, “We believe Ethena has emerged as one of the most important platforms powering the next generation of digital dollars.” The company’s debut will test whether public-market investors want exposure to stablecoin infrastructure amid cooling crypto appetites and an ongoing regulatory debate over yield-bearing stablecoins in the U.S.
