StablecoinX begins Nasdaq trading after SPAC merger closes

StablecoinX Inc. (Nasdaq: USDE) completed its business combination with TLGY Acquisition Corp. (OTCPK: TLGYF) on June 25, 2026, and its Class A common stock and public warrants began trading on the Nasdaq Capital Market under the ticker symbols "USDE" and "USDEW" on June 26, 2026.

The company, which describes itself as focused on supporting the Ethena digital dollar ecosystem, holds approximately 3,029 million ENA tokens valued at approximately $275 million at closing, based on a 30-day volume-weighted average price of $0.0909 per ENA token ending two days prior to closing. The company has approximately 24 million publicly traded Class A shares outstanding, with ENA assets of approximately $11.42 per fully diluted share.

StablecoinX says its business operates across three areas: infrastructure services, including a live Decentralized Verifier Node that charges fees on processed volume across Ethena's blockchain networks; a middleware software platform called Stablecoin Harness, which is not yet live; and a distribution services business targeting institutional adoption of Ethena products, also not yet live.

The company's approximately 3 billion ENA tokens represent roughly 20% of total ENA supply. StablecoinX said it acquired the tokens at a discount to the then-current market price and has a long-term collaboration agreement with the Ethena Foundation that allows it to accumulate further ENA at a discount.

Edward Chen, CEO and Chairman of StablecoinX, said the transaction "marks an important milestone for both StablecoinX and the broader digital asset industry," adding that the company is "designed to serve as the public-market gateway" to the Ethena ecosystem.

TLGY was a blank-check special purpose acquisition company sponsored by Carnegie Park Capital LLC. The transaction was announced pursuant to a definitive proxy statement dated February 17, 2026. Information in this article is based on a company press release.

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