StablecoinX Lists on Nasdaq With $275M ENA Treasury

StablecoinX began trading on the Nasdaq Capital Market under the ticker USDE on June 26 after completing its business combination with TLGY Acquisition Corp. The company reported it holds about 3.03 billion ENA tokens, valued at roughly $275 million, equal to about 20% of Ethena’s total token supply.

Class A common stock and warrants started trading the same day, marking StablecoinX’s public debut as a company focused on infrastructure for the Ethena protocol. The company says it is the first publicly listed stablecoin infrastructure firm dedicated to Ethena and that the ENA treasury gives public investors direct exposure to the protocol’s native token.

StablecoinX outlined three core business segments it plans to develop around Ethena. It will operate infrastructure services through a decentralized verifier node (DVN) to support verification across the network. It will build middleware software to help partners and custodians integrate Ethena-based stablecoins. It will offer institutional distribution services aimed at expanding use of Ethena’s USDe and USDtb stablecoins with larger financial clients.

The company described multiple strategic purposes for the ENA treasury. Tokens can support cross-chain verification services, make StablecoinX eligible for potential ecosystem token airdrops, and provide upside if Ethena activates a protocol fee switch in the future. The company characterized the treasury as central to a long-term plan to support the Ethena ecosystem while offering market exposure to ENA.

Edward Chen, StablecoinX’s chief executive, called the closing “an important milestone for both StablecoinX and the broader digital asset industry.” He added that he believes Ethena has emerged as “one of the most important platforms powering the next generation of digital dollars.”

The announcement noted that the global stablecoin market has surpassed $300 billion and pointed to growing attention from regulators and traditional financial institutions. StablecoinX said it intends to operate active businesses tied to the Ethena protocol rather than functioning only as a crypto treasury.

The SPAC combination with TLGY Acquisition Corp completed the transaction that brought StablecoinX to the Nasdaq Capital Market. With the public listing, the company will report financial results and provide regulatory disclosures while pursuing the product and distribution plans described in its filings.

Ethena is the protocol behind the ENA token and the USDe and USDtb stablecoins. StablecoinX’s public filing and press materials indicate the company expects market demand for stablecoin infrastructure and institutional access but do not provide specific commercial launch timelines for each business segment.