StablecoinX bets on Ethena ecosystem with Nasdaq debut
StablecoinX completed its merger with TLGY Acquisition Corp and will begin trading on Nasdaq under the ticker “USDE.” It is the first public stablecoin infrastructure company focused on the Ethena ecosystem, with business lines centered on decentralized verifier nodes, middleware software, and distribution services. The listing is a bet that stablecoins will become core financial infrastructure, even as the crypto market remains weak. Ethena’s USDe is a yield-bearing synthetic stablecoin that keeps its $1 peg through a delta-neutral derivatives strategy using Bitcoin and Ether collateral plus short futures positions, rather than dollar reserves like USDT or USDC. That strategy can weaken if futures funding turns negative. USDe’s market cap has dropped sharply from its peak to about $4.5 billion, and StablecoinX also holds roughly 3 billion ENA tokens, about 20% of supply. The company recently raised $360 million to buy more ENA, though the token remains far below its all-time high.
