StablecoinX Inc. began trading on the Nasdaq Capital Market under ticker USDE (warrants: USDEW) on June 26, 2026, a day after closing its business combination with SPAC TLGY Acquisition Corp., according to a GlobeNewswire press release. The company bills itself as the first publicly listed stablecoin infrastructure firm in Ethena's ecosystem.
The company holds approximately 3.029 billion ENA tokens, representing roughly 20% of total ENA supply. At a 30-day volume-weighted average price of $0.0909 per token, the holding is valued at approximately $275 million, or about $11.42 per fully diluted share across roughly 24 million Class A shares outstanding.
The company operates across three business lines: a live Decentralized Verifier Node authenticating cross-chain communications within Ethena's infrastructure; Stablecoin Harness middleware software; and institutional USDe distribution channels. The latter two are in development.
Ethena's USDe is a synthetic dollar backed by delta-hedged perpetual positions; ENA is its governance token. StablecoinX mirrors the model of listed companies holding a native protocol token as their primary treasury position.
