StablecoinX commenced trading on Nasdaq under ticker USDE following completion of its merger with TLGY Acquisition Corp, creating a publicly traded vehicle for investors to gain exposure to the Ethena ecosystem without directly purchasing ENA tokens or managing cryptocurrency custody.
The newly public company holds approximately 3.029 billion ENA tokens valued at $275 million, representing roughly 20% of ENA's total supply. StablecoinX was structured specifically to bridge the gap between traditional capital markets and decentralized finance, allowing institutional and retail investors to access Ethena's USDe and USDtb stablecoins through conventional equity ownership rather than direct token acquisition.
Ethena Foundation remains a key stakeholder in the transaction structure and has entered into a multi-year strategic agreement with StablecoinX granting the company rights to purchase additional ENA tokens directly from Ethena at discounted rates in the future. StablecoinX will develop supporting infrastructure for Ethena's stablecoins, manage distribution services, and execute an accumulation strategy for ENA on its balance sheet.