StablecoinX begins Nasdaq trading with $275M ENA treasury after SPAC merger

StablecoinX has begun trading on the Nasdaq Capital Market after completing its business combination with TLGY Acquisition Corp. It becomes, it says, the first publicly listed stablecoin infrastructure company focused on the Ethena ecosystem.

The company starts trading under the ticker USDE, marking another milestone in the growing convergence of public equity markets and crypto infrastructure firms as investor appetite for stablecoins continues to expand.

StablecoinX launches public market strategy around Ethena

StablecoinX announced that its Class A common stock and warrants started trading on Nasdaq on June 26. This follows the completion of its SPAC merger with TLGY Acquisition Corp.

Following the transaction, the company holds approximately 3.03 billion ENA tokens, valued at around $275 million, representing roughly 20% of Ethena’s total token supply. The treasury is central to StablecoinX’s long-term strategy of supporting the Ethena ecosystem while providing public market investors with exposure to ENA.

“Closing this transaction marks an important milestone for both StablecoinX and the broader digital asset industry,” CEO Edward Chen said.

We believe Ethena has emerged as one of the most important platforms powering the next generation of digital dollars.

Infrastructure business extends beyond token holdings

Unlike crypto treasury companies that primarily accumulate digital assets, StablecoinX plans to build operating businesses around the Ethena ecosystem.

The company outlined three core business segments: 

• infrastructure services through a decentralized verifier node [DVN] 
• middleware software designed to simplify stablecoin integrations 
• institutional distribution services aimed at expanding adoption of Ethena’s USDe and USDtb stablecoins.

StablecoinX also expects its ENA treasury to support cross-chain verification services, qualify for ecosystem token airdrops, and benefit if Ethena activates its protocol fee switch in the future.

The launch comes as stablecoins gain increasing attention from regulators and traditional financial institutions. In the announcement, the company noted that the global stablecoin market has surpassed $300 billion. It positions itself as infrastructure connecting traditional finance with digital dollar adoption.

Final Summary

• StablecoinX began trading on Nasdaq under ticker USDE after completing its SPAC merger with TLGY Acquisition Corp.
• The company enters public markets with a $275 million ENA treasury. It plans to build infrastructure, middleware, and institutional services around the Ethena ecosystem.