Key Takeaways:
- StablecoinX has merged with TLGY and is scheduled to start trading on the Nasdaq under the code USDE.
- The company owns approximately 3.03 billion ($275 million worth) ENA tokens, placing it among the top public holders of ENA tokens.
- StablecoinX will become the backbone of the Ethena stablecoin network and traditional capital markets.
The underlying native infrastructure of stablecoins is going public. Coinbase StablecoinX has made its business combination with TLGY Acquisition Corp. official and plans to commence trading on Nasdaq under the ticker, USDE on June 26th.
The listing creates the first publicly traded company built specifically around the Ethena ecosystem, giving equity investors direct exposure to both stablecoin infrastructure and ENA treasury holdings.
StablecoinX Brings Ethena Exposure to Public Markets
StablecoinX enters Nasdaq with approximately 3.03 billion ENA tokens on its balance sheet, valued at roughly $275 million based on recent market averages.
StablecoinX Inc. has closed its business combination with TLGY Acquisition Corp.
The combined company is the first public stablecoin infrastructure company focused on the @Ethena digital dollar ecosystem, built on infrastructure services, the Stablecoin Harness middleware stack,… pic.twitter.com/lGYn7sNuJz
— StablecoinX (@stablecoin_x) June 25, 2026
The company said those holdings represent about 20% of the total ENA supply and form the foundation of its long-term treasury strategy.
Chief Executive Officer Edward Chen said the venture would be a public-market hub to the Ethena ecosystem. The strategy’s infrastructure operations, software development, stablecoin distribution and treasury exposure are all under one umbrella in one publicly-traded entity.
Read More: $33 Trillion Stablecoin Boom: USDC Leads as Crypto Payments Race Toward $56T by 2030
Infrastructure Revenue Already Exists
One of the running companies of the firm is its Decentralized Verifier Node (DVN).
Currently, cross-chain messages to and from Ethena are handled by the validator infrastructure on several blockchain networks. Rolls revenue on processed volume instead of number of transactions, enabling fees to grow with transaction volumes in the ecosystem.
Stablecoin Harness Targets Enterprise Adoption
StablecoinX is also working on their Middleware which is dubbed the Stablecoin Harness.
The software stack purports to offer institutions a single API to route payments, cross-chain payments, liquidity pools, treasury management, compliance and yield services.
Transaction fees, software subscriptions and asset-management services are the keys expected to boost revenues going forward for management. The platform hasn’t been used yet but company executives say it’s the glue that will ease into the broader adoption of stablecoins.
Ethena Growth Provides the Core Investment Thesis
Ethena has become one of the largest digital dollar issuers, with approximately $5.4 billion in circulation across its USDe and USDtb products.
USDe is a synthetic dollar token in the decentralized finance space and collateral tokens. USDtb extends Ethena’s presence in regulated financial markets and institutionally-settled opportunity.
StablecoinX believes that the uptick in protocol activity should directly drive protocol revenue, bolster ENA demand and benefit the value of the protocol’s assets in their treasury.
The stablecoin market has been evolving at a very fast rate in the last year with today’s total market capitalization running past $300 billion.
Read More: VanEck’s First U.S. Spot BNB ETF Hits Nasdaq
