{"id":33089,"date":"2026-06-26T04:47:25","date_gmt":"2026-06-26T04:47:25","guid":{"rendered":"https:\/\/bitunikey.com\/news\/stablecoinx-hits-nasdaq-as-ethenas-usde-supply-keeps-shrinking\/"},"modified":"2026-06-26T04:47:33","modified_gmt":"2026-06-26T04:47:33","slug":"stablecoinx-hits-nasdaq-as-ethenas-usde-supply-keeps-shrinking","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/stablecoinx-hits-nasdaq-as-ethenas-usde-supply-keeps-shrinking\/","title":{"rendered":"StablecoinX hits Nasdaq as Ethena\u2019s USDe supply keeps shrinking"},"content":{"rendered":"<p><\/p>\n<div class=\"post-detail__content blocks\">\n<p class=\"is-style-lead\">StablecoinX has completed its merger with TLGY Acquisition Corp., giving the Ethena-focused stablecoin infrastructure firm a Nasdaq listing under the ticker USDE.\u00a0<\/p>\n<div id=\"cn-block-summary-block_ad55188b78e9b83362ccaf0dc90e8fe4\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>StablecoinX reaches Nasdaq as USDe supply sits far below its October peak, testing investor demand.<\/li>\n<li>The firm holds about $275m in ENA, linking its public-market story directly to Ethena\u2019s token.<\/li>\n<li>Three planned business lines aim to serve Ethena infrastructure, software access and institutional distribution needs.<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p>The company <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.globenewswire.com\/news-release\/2026\/06\/25\/3317962\/0\/en\/stablecoinx-inc-announces-closing-of-business-combination-with-tlgy-acquisition-corp-and-commencement-of-trading-on-nasdaq.html\" target=\"_blank\" rel=\"nofollow\">said<\/a> its public warrants will trade under USDEW from Friday, June 26, after the business combination closed a day earlier. The move turns a private Ethena infrastructure bet into a listed equity trade for public investors this week.<\/p>\n<p>The listing gives public-market investors a direct route into StablecoinX\u2019s Ethena strategy.\u00a0<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cWe believe Ethena has emerged as one of the most important platforms powering the next generation of digital dollars,\u201d said CEO and chairman Edward Chen.<\/p>\n<\/blockquote>\n<p>The company now enters public markets while demand for Ethena\u2019s main synthetic dollar has cooled from last year\u2019s peak.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">StablecoinX, the first pure-play treasury company focusing on the Ethena ecosystem, has announced the closing of its business combination with TLGY Acqusition Corp and it will begin trading on NASDAQ tomorrow under the ticker &#8220;USDE&#8221;. <a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/t.co\/5QE2odIQks\">https:\/\/t.co\/5QE2odIQks<\/a><\/p>\n<p>\u2014 Ethena (@ethena) <a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/x.com\/ethena\/status\/2070251546001215637?ref_src=twsrc%5Etfw\">June 25, 2026<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<p>    <!-- .cn-block-related-link --><\/p>\n<h2 class=\"wp-block-heading\"><strong>ENA treasury anchors the plan<\/strong><\/h2>\n<p>StablecoinX said it holds about 3.029b Ethena governance tokens, worth about $275m based on the 30-day ENA average used before closing. The holding represents about 20% of ENA\u2019s total supply. The company also has about 24m publicly traded Class A shares outstanding after the transaction.<\/p>\n<p>As previously reported, StablecoinX first outlined a $360m ENA treasury strategy in 2025. The plan later grew through more private financing, making ENA exposure central to the company\u2019s story. That structure ties StablecoinX\u2019s market value closely to Ethena adoption, ENA pricing and demand for USDe-related services.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">StablecoinX\u202fInc. <a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/x.com\/stablecoin_x?ref_src=twsrc%5Etfw\">@stablecoin_x<\/a> has announced a $360 million capital raise to purchase <a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/x.com\/search?q=%24ENA&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ENA<\/a> and will seek to list its Class A common shares on the Nasdaq Global Market under the ticker symbol &#8220;USDE&#8221;, which includes a $60 million contribution of ENA from the Ethena Foundation\u2026 <a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/t.co\/sgfD8P9m05\">pic.twitter.com\/sgfD8P9m05<\/a><\/p>\n<p>\u2014 Ethena (@ethena) <a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/x.com\/ethena\/status\/1947286869341016116?ref_src=twsrc%5Etfw\">July 21, 2025<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<h2 class=\"wp-block-heading\"><strong>USDe supply drop tests timing<\/strong><\/h2>\n<p>USDe is Ethena\u2019s synthetic dollar. It aims to hold a $1 value through crypto collateral and hedged futures positions, rather than cash reserves alone. The model can generate yield, but it depends on market conditions. When futures funding rates weaken or turn negative, the return engine can face pressure.<\/p>\n<p>That pressure is visible in supply data. USDe circulating supply has fallen about 70% from its October peak above $14b to roughly $4.5b. Previously, crypto.news explored how USDe saw $1.1b in net outflows as the broader stablecoin market kept growing. The fall gives StablecoinX a tougher opening setup than the one Ethena had during last year\u2019s expansion.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Infrastructure and regulation remain in focus<\/strong><\/h2>\n<p>StablecoinX says its business has three parts. Its live decentralized verifier node checks cross-chain messages for Ethena across supported networks. It is also building Stablecoin Harness, a middleware stack for payment routing, bridging, liquidity access, treasury tools, reporting and compliance needs. Distribution services for institutions are also in development.<\/p>\n<p>In a previous article, crypto.news discussed Coinbase Ventures buying ENA on the open market as Coinbase and Ethena prepared on-chain finance and savings products. As crypto.news reported, Jupiter Lend also added a USDe lending market with Bitwise. These links show Ethena is still building distribution, even as USDe supply has dropped.<\/p>\n<p>StablecoinX\u2019s debut also lands during a wider policy fight over stablecoin yield in the U.S. Yield-bearing stablecoins sit in a different legal area from plain payment stablecoins because they pass returns to holders. In our last update, crypto.news examined how yield-bearing stablecoins work and why the source of yield matters.<\/p>\n<p>The company is entering Nasdaq with a clear Ethena bet, a large ENA reserve and several products still being built. Its early public trading may show whether investors want exposure to stablecoin infrastructure when USDe supply is lower, ENA remains far below its 2024 high and crypto market appetite remains weak.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>StablecoinX has completed its merger with TLGY Acquisition Corp., giving the Ethena-focused stablecoin infrastructure firm a Nasdaq listing under the ticker USDE.\u00a0 Summary StablecoinX reaches Nasdaq as USDe supply sits&hellip;<\/p>\n","protected":false},"author":1,"featured_media":33090,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-33089","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/33089","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=33089"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/33089\/revisions"}],"predecessor-version":[{"id":33091,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/33089\/revisions\/33091"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/33090"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=33089"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=33089"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=33089"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}