StablecoinX hits Nasdaq as Ethena’s USDe supply keeps shrinking
StablecoinX hits Nasdaq as Ethena’s USDe supply keeps shrinking
By Olivia Stephanie from Crypto.news
StablecoinX has completed its merger with TLGY Acquisition Corp., giving the Ethena-focused stablecoin infrastructure firm a Nasdaq listing under the ticker USDE.
ENA treasury anchors the plan
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’s total supply. The company also has about 24m publicly traded Class A shares outstanding after the transaction.
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’s story. That structure ties StablecoinX’s market value closely to Ethena adoption, ENA pricing and demand for USDe-related services.
USDe supply drop tests timing
USDe is Ethena’s 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.
That pressure is visible in supply data. USDe circulating supply has fallen about 70% from its October peak above $14b to roughly $4.5b.
Infrastructure and regulation remain in focus
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.
StablecoinX’s 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. 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.
Source : https://crypto.news/stablecoinx-hits-nasdaq-as-ethenas-usde-supply-keeps-shrinking/
