New York, NY — June 27, 2026 — In a major bridge between decentralized infrastructure and traditional equity markets, Stablecoin X, a financial strategy firm centered on the Ethena ecosystem, has officially gone public on the Nasdaq following the completion of its business combination with TLGY Acquisition Corp., a Special Purpose Acquisition Company (SPAC).

Trading for Stablecoin X's Class A common stock and public warrants commenced on June 26 under the ticker symbols USDE and USDEW, respectively.

Key Takeaways

• Massive Treasury Ecosystem: Stablecoin X holds 3.029 billion ENA, representing approximately 20% of the token's total circulating supply.
• Traditional Market Gateway: Shares began trading on the Nasdaq under the ticker USDE on June 26.
• Strategic Treasury Acquisition: The multi-billion ENA position was accumulated at a discounted price through a direct partnership with the Ethena Foundation.

Deal Mechanics & Valuation

The Nasdaq listing provides public-market investors with a regulated equity vehicle for gaining exposure to the Ethena ecosystem.

Based on the 30-day volume-weighted average price (VWAP) measured two trading days before the transaction closed, Stablecoin X's ENA treasury is valued at approximately $275 million (around ¥45 billion). At listing, the company had an initial public float of approximately 24 million Class A shares outstanding.

Strategic Outlook

By controlling roughly one-fifth of the total ENA supply, Stablecoin X serves as a significant institutional treasury for the Ethena ecosystem. Its strategic partnership with the Ethena Foundation further strengthens governance alignment while providing public equity investors with regulated exposure to one of the fastest-growing digital dollar infrastructures.

Edward Chen, Chief Executive Officer and Chairman of Stablecoin X, commented:

"We believe Ethena has emerged as one of the foundational platforms supporting the next generation of digital dollars. Stablecoin X is designed to serve as the premier public-market gateway to the Ethena ecosystem. Our objective is to provide equity investors with transparent exposure to ENA while supporting Ethena's long-term expansion into mainstream financial products and traditional market infrastructure."