StablecoinX Inc. started trading on the Nasdaq Capital Market on June 26, 2026, under the ticker symbol USDE. It marks the arrival of the first publicly traded company built specifically around the Ethena ecosystem, a protocol that has quietly become one of the largest issuers of digital dollars in crypto.
The listing follows the completion of StablecoinX’s merger with TLGY Acquisition Corp., a special purpose acquisition company, which closed the day prior on June 25. Public warrants are trading under the ticker USDEW, and approximately 24 million Class A shares were outstanding at the time of the merger’s closing.
A treasury play with serious scale
At closing, the company held approximately 3.029 billion ENA tokens. That’s roughly 20% of the entire ENA supply, valued at about $275 million based on the 30-day volume-weighted average price.
That treasury position didn’t materialize out of thin air. StablecoinX secured a long-term collaboration agreement with the Ethena Foundation that allowed the company to acquire tokens at a discount.
