StablecoinX Inc. (Nasdaq: USDE) began trading on the Nasdaq Capital Market Friday after closing its merger with SPAC TLGY Acquisition Corp., becoming the first publicly listed company structured around holding Ethena's governance token and building infrastructure for the Ethena ecosystem.
The company holds approximately 3.03 billion ENA tokens, worth roughly $275 million based on the 30-day volume-weighted average price of $0.0909 at closing, representing about 20% of ENA's total supply of 15 billion tokens, according to a press release filed with the SEC. StablecoinX has approximately 24 million publicly traded Class A shares outstanding, with ENA holdings translating to roughly $11.42 per fully diluted share.
StablecoinX is an ENA treasury company, not a direct play on Ethena's stablecoins. The company does not issue USDe or USDtb. Its revenue model rests on three lines: a Decentralized Verifier Node (DVN) that is already live and earns fees on cross-chain message volume across every network Ethena currently operates on; a middleware software stack called the Stablecoin Harness that is still under development; and a distribution business for institutional adoption of Ethena products that has not yet launched.
