ChainCatcher report: StablecoinX, a stablecoin infrastructure company, announced the completion of its merger with the special purpose acquisition company (SPAC) TLGY Acquisition Corp. and officially debuted on Nasdaq this Friday under the stock ticker “USDE.” StablecoinX is the first publicly listed stablecoin infrastructure company focused on supporting the Ethena ecosystem, with core offerings including decentralized validation nodes and stablecoin middleware software. Currently, the company’s treasury holds approximately 3 billion Ethena governance tokens (ENA), representing about 20% of the total supply, valued at around $2.75 billion. Affected by the broader crypto market downturn, the market capitalization of Ethena’s synthetic USD stablecoin, USDe, has declined by approximately 70% from its peak of $14 billion in October last year to $4.5 billion today.
StablecoinX Completes SPAC Merger and Lists on Nasdaq as USDE
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Summary
StablecoinX was listed on Nasdaq as USDE on June 27, 2026, following its merger with SPAC TLGY Acquisition Corp. On-chain data shows the company holds 300 million ENA tokens, valued at $27.5 million, to support the Ethena ecosystem. On-chain analysis reveals that USDe’s market value has declined by 70% since October 2025, now standing at $4.5 billion.
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