Particle.news
Download on the App Store
8 ARTICLES
·
2d ago

StablecoinX Lists on Nasdaq as ENA-Heavy Treasury Anchors Its Ethena Bet

The listing gives public investors direct exposure to Ethena through a large ENA treasury that will make the company's market value hinge on the token's price.

StablecoinX
Image

Overview

  • StablecoinX completed its business combination with TLGY Acquisition Corp. and began trading on Nasdaq under the ticker USDE on June 26, 2026.
  • The company disclosed a treasury of about 3.029 billion ENA tokens, valued at roughly $275 million using a 30-day ENA average, and reported roughly 24 million Class A shares outstanding.
  • Public filings and reporting say a sizable PIPE was arranged for the deal, with one account citing about $890 million of commitments and a portion of that earmarked for buying ENA; the exact breakdown of those purchases is not fully detailed.
  • StablecoinX intends to operate a decentralized verifier node that is already live for cross-chain message checks while its middleware product, Stablecoin Harness, and institutional USDe distribution services remain under development and not yet commercially launched.
  • The listing comes as Ethena's USDe supply has fallen sharply from over $14 billion in October 2025 to roughly $4.5–5.9 billion in early 2026, which makes investor returns sensitive to both ENA price moves and any recovery in USDe demand.