Skip to navigationSkip to main contentSkip to right columnCryptoProwlFri, June 26, 2026 at 11:25 PM GMT+2 2 min readStablecoinX Begins Nasdaq Trading With $275M ENA Treasury After TLGY MergerStablecoinX Inc. (NASDAQ: $USDE) began trading on the Nasdaq Capital Market on Friday after completing its merger with TLGY Acquisition Corp., bringing a new Ethena-linked treasury and infrastructure vehicle into U.S. public markets.The company's Class A shares are trading under the ticker USDE, while its warrants trade under USDEW. StablecoinX describes itself as the first public stablecoin infrastructure company focused on the Ethena digital dollar ecosystem, giving equity investors a listed route into one of crypto's largest synthetic dollar networks.The debut starts with a large ENA position. StablecoinX holds about 3.03 billion Ethena governance tokens valued at roughly $275 million, based on a 30-day VWAP of $0.0909 before closing. The company said that it represents about 20% of ENA's total supply and about $11.42 in ENA assets per fully diluted share.More From Cryptoprowl:Ripple, The Company Behind XRP, Is Valued At $50 BillionEightco Secures $125 Million Investment From Bitmine And ARK Invest, Shares SurgeBlockchain Projects Decline 75% As Developers Shift To A.I.Stanley Druckenmiller Says Stablecoins Could Reshape Global FinanceNew York Stock Exchange Invests $600 Million In PolymarketStablecoinX is not positioning the vehicle as a passive token treasury alone. Its operating plan is built around three lines: infrastructure services through a live decentralized verifier node, middleware software called Stablecoin Harness and institutional distribution services for Ethena's USDe and USDtb products.CEO and Chairman Edward Chen said the closing marked an important milestone for StablecoinX and the broader digital asset industry, adding that Ethena has become one of the key platforms powering the next generation of digital dollars.The listing lands at a moment when stablecoins are moving deeper into public-market, payments and tokenization narratives. StablecoinX said the global stablecoin market has recently passed $300 billion in capitalization, while Ethena currently has about $5.4 billion of digital dollars in circulation across USDe and USDtb.The public-market question is whether investors value StablecoinX as an operating infrastructure business, an ENA treasury strategy, or some blend of both. For now, its Nasdaq debut gives the Ethena ecosystem a more visible bridge into traditional equity markets.Ethena (CRYPTO: $ENA) is currently trading at $0.0795 U.S. per digital token.Terms and Privacy PolicyEU DSA contactPrivacy & Cookie SettingsMore Info