StablecoinX bets on Ethena ecosystem with Nasdaq debut on Friday
Cointelegraph 2026-06-26 03:48:03
Context: StablecoinX, a stablecoin infrastructure company, has completed its merger with TLGY Acquisition Corp, a publicly traded special purpose acquisition company, and is set to begin trading on Nasdaq on Friday under the symbol "USDE". The company is focused on supporting the Ethena ecosystem, which offers a yield-bearing synthetic dollar-pegged stablecoin called USDe. This development comes despite a broader crypto bear market, with Ethena's USDe circulating supply having shrunk by 70% since its peak in October.
Key Facts
- StablecoinX has completed its merger with TLGY Acquisition Corp, allowing it to begin trading on Nasdaq on Friday under the symbol "USDE".
- Ethena's USDe is a yield-bearing synthetic dollar-pegged stablecoin that maintains its $1 peg through a derivatives strategy, backed by crypto collateral in Bitcoin and Ether and short futures positions on those same assets.
- StablecoinX's treasury holds approximately 3 billion Ethena governance tokens (ENA), or around 20% of the total supply, valued at approximately $275 million, after a $360 million capital raise to purchase ENA on Sunday.
- The Nasdaq debut of StablecoinX is a bet that stablecoins are becoming the plumbing of global finance, despite a broader crypto bear market and Ethena's relatively small 1.4% market share of the stablecoin market.
- USDe's market capitalization has declined by 70% since its peak in October to around $4.5 billion today, ranking it sixth among stablecoins, with its supply having fallen significantly since the bull market peak.