StablecoinX, a stablecoin infrastructure company, has gone public after merging with TLGY Acquisition Corp. The company will now trade on Nasdaq under the ticker USDE, making it the first public stablecoin infrastructure firm focused on the Ethena ecosystem. This listing shows growing trust in stablecoins as a key part of digital finance, even as the wider crypto market struggles.
StablecoinX’s business centers on the Ethena ecosystem, where it runs decentralized verifier nodes and builds software to support the network. CEO Edward Chen said Ethena has become a key platform for the next generation of digital dollars, making it a solid base for the company’s long-term plans.
Ethena’s USDe is different from traditional stablecoins like USDT and USDC because it keeps its dollar value using a delta-neutral strategy instead of holding cash reserves. USDe is backed by Bitcoin and Ether, plus short futures positions to balance out price changes. This method works in normal markets, but it can be risky if futures funding rates go negative.
Even though the stablecoin market keeps growing, USDe has lost a lot of value since its peak last year. It is still one of the biggest stablecoins, but it only makes up a small part of the market compared to leaders like Tether and Circle. Still, StablecoinX has increased its involvement by raising $360 million to buy more Ethena governance tokens (ENA), and its treasury already holds about three billion ENA tokens, or about one-fifth of all ENA.
The company also plans to grow through three main business areas: decentralized verifier nodes, a middleware software platform called Stablecoin Harness, and distribution services that are still being developed. These businesses are meant to make Ethena’s ecosystem stronger.
Even with this big step, StablecoinX is entering the public market at a tough time for crypto companies. Falling digital asset prices and weak investor confidence have hurt crypto stocks, so the company’s long-term success depends on both the stablecoin market recovering and more people using blockchain financial infrastructure.
StablecoinX will begin trading on NASDAQ tomorrow under the ticker “USDE”. https://t.co/RUeSBNj16n
— Ethena Ecosystem (@Ethena_Eco) June 25, 2026
StablecoinX Inc. has closed its business combination with TLGY Acquisition Corp.
The combined company is the first public stablecoin infrastructure company focused on the @Ethena digital dollar ecosystem, built on infrastructure services, the Stablecoin Harness middleware stack,… pic.twitter.com/lGYn7sNuJz
— StablecoinX (@stablecoin_x) June 25, 2026
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