StablecoinX hits Nasdaq as Ethena’s USDe supply keeps shrinking

StablecoinX has completed its merger with TLGY Acquisition Corp., giving the Ethena-focused stablecoin infrastructure firm a Nasdaq listing under the ticker USDE. 

The company said its public warrants will trade under USDEW from Friday, June 26, after the business combination closed a day earlier. The move turns a private Ethena infrastructure bet into a listed equity trade for public investors this week.

The listing gives public-market investors a direct route into StablecoinX’s Ethena strategy. 

“We believe Ethena has emerged as one of the most important platforms powering the next generation of digital dollars,” said CEO and chairman Edward Chen.

The company now enters public markets while demand for Ethena’s main synthetic dollar has cooled from last year’s peak.

ENA treasury anchors the plan

StablecoinX said it holds about 3.029b Ethena governance tokens, worth about $275m based on the 30-day ENA average used before closing. The holding represents about 20% of ENA’s total supply. The company also has about 24m publicly traded Class A shares outstanding after the transaction.

As previously reported, StablecoinX first outlined a $360m ENA treasury strategy in 2025. The plan later grew through more private financing, making ENA exposure central to the company’s story. That structure ties StablecoinX’s market value closely to Ethena adoption, ENA pricing and demand for USDe-related services.

USDe supply drop tests timing

USDe is Ethena’s synthetic dollar. It aims to hold a $1 value through crypto collateral and hedged futures positions, rather than cash reserves alone. The model can generate yield, but it depends on market conditions. When futures funding rates weaken or turn negative, the return engine can face pressure.

That pressure is visible in supply data. USDe circulating supply has fallen about 70% from its October peak above $14b to roughly $4.5b. Previously, crypto.news explored how USDe saw $1.1b in net outflows as the broader stablecoin market kept growing. The fall gives StablecoinX a tougher opening setup than the one Ethena had during last year’s expansion.

Infrastructure and regulation remain in focus

StablecoinX says its business has three parts. Its live decentralized verifier node checks cross-chain messages for Ethena across supported networks. It is also building Stablecoin Harness, a middleware stack for payment routing, bridging, liquidity access, treasury tools, reporting and compliance needs. Distribution services for institutions are also in development.

In a previous article, crypto.news discussed Coinbase Ventures buying ENA on the open market as Coinbase and Ethena prepared on-chain finance and savings products. As crypto.news reported, Jupiter Lend also added a USDe lending market with Bitwise. These links show Ethena is still building distribution, even as USDe supply has dropped.

StablecoinX’s debut also lands during a wider policy fight over stablecoin yield in the U.S. Yield-bearing stablecoins sit in a different legal area from plain payment stablecoins because they pass returns to holders. In our last update, crypto.news examined how yield-bearing stablecoins work and why the source of yield matters.

The company is entering Nasdaq with a clear Ethena bet, a large ENA reserve and several products still being built. Its early public trading may show whether investors want exposure to stablecoin infrastructure when USDe supply is lower, ENA remains far below its 2024 high and crypto market appetite remains weak.