Listing Overview: SPAC Merger Brings StablecoinX to Nasdaq
Crypto company StablecoinX officially began trading on the Nasdaq Global Market on June 26, 2026, under the ticker symbol USDE. The company completed its merger with special purpose acquisition company TLGY Acquisition Corp. on June 25, 2026, marking a significant milestone for a crypto-native infrastructure firm entering the public equity market.
Core Holdings: ~3 Billion ENA Tokens Represent 20% of Supply
Upon the merger closing, StablecoinX held approximately 3.029 billion ENA tokens, representing about 20% of the total ENA supply. At current market prices, this stake is valued at roughly $275 million. ENA is the native governance token of the Ethena protocol, and this large holding underscores StablecoinX's deep integration with the Ethena ecosystem.
Business Focus: Ethena Ecosystem Operator
StablecoinX's operations are centered on supporting the Ethena ecosystem, covering infrastructure, middleware software, and institutional distribution services. The company operates Ethena's cross-chain message validation nodes, ensuring secure message passing across different blockchains. In addition, StablecoinX has developed a middleware stack called Stablecoin Harness, designed to simplify stablecoin access and management for institutional clients.
Ecosystem Context: Ethena – Major Digital Dollar Issuer
Ethena is one of the largest issuers of digital dollars in the crypto space. Its synthetic stablecoin USDe and compliant stablecoin USDtb have a combined circulating supply of approximately $5.4 billion. Ethena maintains USDe's peg through a delta-neutral hedging strategy, while USDtb targets regulated markets. As a key operational partner, StablecoinX provides critical support through validator nodes and middleware infrastructure.