StablecoinX Lists on Nasdaq, Holds $275M ENA Treasury

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

StablecoinX says it is the first publicly listed company focused on infrastructure for the Ethena ecosystem. The company launched Class A common stock and warrants on Nasdaq following the closing.

The firm plans to use the ENA treasury as a core asset to provide public-market exposure to Ethena while building operating businesses around the protocol instead of acting solely as a token holder.

StablecoinX outlined three business segments: infrastructure services through a decentralized verifier node, middleware software to simplify stablecoin integrations, and institutional distribution services to expand adoption of Ethena’s USDe and USDtb stablecoins.

The company said the ENA treasury will support cross-chain verification services, could make the firm eligible for ecosystem token airdrops, and could allow it to gain if Ethena activates a protocol fee switch.

StablecoinX noted the global stablecoin market has topped $300 billion and described its business as infrastructure linking traditional finance and digital-dollar adoption.

The SPAC route took the company public and provided investors direct exposure to the ENA treasury. StablecoinX’s public filing values the ENA holdings at about $275 million and identifies the treasury as central to its long-term strategy to support the Ethena ecosystem and broaden access to its stablecoin products.

Edward Chen described the closing as “an important milestone for both StablecoinX and the broader digital asset industry” and said the company believes Ethena “has emerged as one of the most important platforms powering the next generation of digital dollars.”