StablecoinX debuts on Nasdaq with $275M ENA treasury

StablecoinX debuts on Nasdaq as USDE after merging with TLGY, holding $275M in ENA tokens and focusing on Ethena’s stablecoin infrastructure—a major step for DeFi in public markets.

StablecoinX has officially debuted on Nasdaq under the ticker USDE following its merger with TLGY Acquisition Corp. As a pioneer in stablecoin infrastructure for the Ethena ecosystem, StablecoinX is among the first DeFi-focused stablecoin companies to go public, signaling a significant milestone for the integration of decentralized finance into traditional markets. The company holds approximately 3.029 billion ENA tokens, valued at around $275 million, which accounts for about 20% of ENA’s circulating supply. StablecoinX’s business model spans infrastructure services, middleware software, and institutional distribution, though currently only the infrastructure division is operational. It operates decentralized verifier nodes to authenticate cross-chain communications within Ethena’s infrastructure. Public warrants will trade under the symbol USDEW. The listing offers investors direct exposure to the Ethena digital dollar ecosystem, even as demand for Ethena’s synthetic dollar, USDe, has declined from previous highs. StablecoinX now has roughly 24 million publicly traded Class A shares.