StablecoinX began trading on the Nasdaq on Thursday under the ticker USDE, following the completion of its business combination with special purpose acquisition company TLGY Acquisition Corp.
The newly listed company positions itself as the first publicly traded stablecoin infrastructure firm focused on supporting the Ethena ecosystem. It plans to provide infrastructure services, software, and distribution capabilities for Ethena’s digital dollar products while maintaining a long-term treasury of Ethena’s governance token, ENA.
At closing, StablecoinX said it held approximately 3.03 billion ENA tokens valued at around $275 million, with about 24 million Class A shares outstanding.
“Closing this transaction marks an important milestone for both StablecoinX and the broader digital asset industry,” CEO Edward Chen said. He added that the company aims to serve as a public market gateway to the Ethena ecosystem while supporting its expansion into traditional finance.
StablecoinX said its operating model will initially focus on infrastructure services already in production, with plans to develop a middleware platform for stablecoin integrations and a distribution business targeting institutional adoption.
Earlier this month, Circle completed its NYSE debut, while firms including Ripple, Robinhood and Kraken have expanded their stablecoin initiatives through product launches, acquisitions and infrastructure investments. Ethena, whose ecosystem StablecoinX is built around, currently issues more than $5 billion worth of digital dollar assets.
