StablecoinX Begins Trading on Nasdaq as Its Ethena Strategy Takes Center Stage

StablecoinX has officially launched its plans to enter the public market. This would give traders a new way to invest in the Ethena ecosystem.

According to a press release, the company has completed its merger with TLGY Acquisition Corp. It will begin trading on Nasdaq on June 26 under the ticker USDE. Its public warrants are trading under the symbol USDEW.

StablecoinX builds its strategy around Ethena

CEO and Chairman Edward Chen of StablecoinX shared that the firm believes Ethena would be a major platform that powers the next generation of digital dollars.

Notably, the company currently holds 3.029 billion ENA tokens. Those holdings are worth about $275 million, based on the 30-day average token price used before the merger closed. This represents 20% of the token's total supply.

The company had previously announced a $360 million ENA treasury strategy, which was later expanded through additional financing rounds. It also secured $890 million in PIPE funding. The firm said a major portion could be used to support further purchases.

Essentially, the performance of the company would be tied to how well Ethena and its stablecoin USDe do in the crypto market.

It is also worth mentioning that all chains on the protocol were updated with the StablecoinX Decentralized Verification Network (DVN) last week. The token’s price spiked significantly at the time as investors reacted to the news.

Why Ethena is important despite USDe's decline

The USDe stablecoin has been seeing major drawdowns over the past year. Its circulating supply peaked at $14 billion during the crypto bull market in October 2025. 

USDe market cap. Source: TradingView

The figure has been falling increasingly since then. By March 2026, supply had already dropped to around $5.92 billion. As of press time, the market cap currently sits at $4.5 billion.

Ethena especially offers something different from the usual stablecoins. USDT or USDC are backed by cash or cash-like assets. USDe, on the other hand, maintains its dollar peg using crypto collateral and derivatives positions. 

The system is designed to keep the token stable even when crypto prices fall. Although the model also carries some additional risks during periods of market stress.

A new way for traditional investors to access crypto

StablecoinX’s Nasdaq listing would allow traditional investors to have a stake in the Ethena ecosystem without needing crypto wallets or exchanges. Investors can simply buy shares through a brokerage account. 

The company also operates other businesses designed to support Ethena. This includes decentralized verifier nodes and software infrastructure products, among others.

Meanwhile, there are factors investors should take into consideration. ENA price is currently trading around $0.08, down about 94% from its all-time high reached in April 2024. Because StablecoinX holds a large amount of the token, any major price swings could impact the company's valuation.