A company built entirely around supporting Ethena’s synthetic dollar ecosystem is now trading on the Nasdaq. StablecoinX Inc. completed its merger with SPAC TLGY Acquisition Corp. on June 25, making its Class A common stock and warrants available under the tickers USDE and USDEW as of June 26.
USDe’s circulating supply has fallen roughly 60% from its peak above $14 billion in October 2025 to approximately $5.92 billion by March 2026. StablecoinX is essentially going public at the moment when the asset it’s built to support has seen its most dramatic contraction.
What StablecoinX actually does
StablecoinX bills itself as the first publicly listed stablecoin infrastructure firm. It’s a company designed to sit between traditional capital markets and the Ethena protocol, providing distribution channels for USDe, building infrastructure software, and executing a treasury strategy centered on accumulating ENA, Ethena’s governance token.
The company secured around $890 million in PIPE (private investment in public equity) financing, a significant chunk of which is earmarked for purchasing ENA tokens. The Ethena Foundation itself contributed $60 million in ENA to support this treasury approach.
