-- StablecoinX to begin trading tomorrow (June 26, 2026) on Nasdaq under the
symbol "USDE"
-- First public stablecoin infrastructure company focused on supporting the
Ethena ecosystem with infrastructure services & software, USDe
distribution services, and a multi-year Ethena governance token ("ENA")
treasury strategy
-- Approximately $275 million in ENA holdings at closing, representing ENA
assets of approximately $11.42 per fully diluted share based on the
30-day VWAP of ENA tokens ending two days prior to closing
NEW YORK, June 25, 2026 (GLOBE NEWSWIRE) -- StablecoinX Inc. (Nasdaq: USDE) ("StablecoinX" or the "Company"), the first public stablecoin infrastructure company focusing on the Ethena digital dollar ecosystem, today announced the closing of its business combination with TLGY Acquisition Corp. (OTCPK: TLGYF) ("TLGY"), a publicly traded special purpose acquisition company.
StablecoinX's Class A common stock and public warrants will begin trading on the Nasdaq Capital Market under the ticker symbols "USDE" and "USDEW", respectively, on June 26, 2026. As a result of the closing of the transaction, StablecoinX holds approximately 3,029 million ENA tokens valued at approximately $275 million, based on the 30-day VWAP of ENA ending two days prior to closing of $0.0909, and has approximately 24 million publicly traded Class A shares outstanding.
"Closing this transaction marks an important milestone for both StablecoinX and the broader digital asset industry," said Edward Chen, Chief Executive Officer and Chairman of StablecoinX. "We believe Ethena has emerged as one of the most important platforms powering the next generation of digital dollars. StablecoinX is designed to serve as the public-market gateway to that ecosystem, providing investors with exposure to ENA while supporting the long-term expansion of Ethena's products, infrastructure, and reach into traditional financial markets."
"StablecoinX is uniquely positioned at the intersection of public markets, stablecoins, and decentralized finance," said Jin-Goon Kim, Founder and Chairman of TLGY Acquisition Corp. "I am confident that with the team Edward and Young have assembled, backed by the structural partnership with the Ethena Foundation, we have fulfilled our mandate to identify an opportunity positioned to consistently grow value for shareholders."
Ethena Overview
Ethena is one of the largest issuers of digital dollars, with currently $5.4 billion of digital dollars in circulation addressing two massive, underserved market needs: (i) collateral for tokenization with its USDe synthetic digital dollar, and (ii) regulated payments with its GENIUS-compliant stablecoin, USDtb. The protocol's deep, first-mover integrations across leading derivatives exchanges, custodians, and DeFi platforms create a durable competitive moat giving partners and users access to better collateral utility, and a more capital-efficient dollar.
Operating Business Model
StablecoinX's business is built around three interconnected operating pillars: (i) Infrastructure Services (live), (ii) stablecoin middleware software ("Stablecoin Harness"), and (iii) Distribution Services. Together with its ENA treasury, these core business lines form a self-reinforcing platform intended to grow alongside the Ethena ecosystem and the broader stablecoin economy.
(i) Infrastructure Services: DVN
-- Currently live and operating a Decentralized Verifier Node ("DVN")
serving as a cross-chain message verifier for the entire Ethena ecosystem
across all blockchain networks that Ethena is currently operating on.
-- DVN fees are charged on processed volume -- not per transaction count --
creating a revenue stream that is intended to scale with Ethena's growth.
(ii) "Stablecoin Harness": Middleware Software Stack
-- StablecoinX is building the Stablecoin Harness, a unified middleware
stack bringing utility and access to Ethena products through a single API
platform, which is not yet live.
-- Once completed, the Stablecoin Harness is expected to deliver, through
one integration, payment routing, cross-chain bridging, liquidity
aggregation, gas abstraction, treasury management, automated yield,
institutional reporting, white label issuance, and compliance
orchestration.
-- Revenue for the Stablecoin Harness is expected to be generated through
transaction fees on processed volume, SaaS subscription fees, and
AUM-based fees on treasury and yield products.
(iii) Distribution Services: Institutional Stablecoin Adoption
-- StablecoinX is developing a distribution business to facilitate the
adoption of Ethena's digital dollar products among traditional financial
institutions, asset managers, and investors, which is not yet live.
-- Capital is expected to be raised through debt, equity, hybrid securities,
or off-balance-sheet vehicles to acquire USDe directly, which will
generate both distribution fees and management fees on deployed capital.
ENA Treasury
-- StablecoinX's 3 billion ENA tokens represent approximately 20% of total
ENA supply, each of which was acquired at a discount to the then current
market price through the transaction. The long-term collaboration
agreement with the Ethena Foundation provides the ability to accumulate
further ENA at a discount directly from Ethena.
-- The Company intends to use its ENA Treasury to secure its DVN, verifying
cross-chain messages for Ethena. The Company's ENA Treasury also
qualifies for ecosystem token airdrops and stands to benefit directly
from the activation of Ethena's protocol fee switch.
Flywheel
StablecoinX's three core businesses: infrastructure services, the Stablecoin Harness, and a stablecoin distribution business, are designed to help expand the Ethena ecosystem by increasing usage of Ethena products through enhanced utility and access. Every increase in Ethena's ecosystem activity is expected to drive Ethena protocol revenue, increase ENA value, and accrue value to StablecoinX through its ENA treasury holdings. The increase in value to StablecoinX is expected to enhance its access to capital and provide the opportunity to purchase additional ENA tokens, further invest in product development, or acquire complementary businesses to expand the Ethena ecosystem.
Addressing a Significant Market Opportunity
-- The global stablecoin market recently surpassed $300 billion in total
capitalization, roughly 50% higher than a year ago.
-- Annual on-chain transaction volume of $33 trillion already rivals
legacy card networks, and B2B stablecoin payments reached $226
billion in 2025, up more than 730% year-over-year.
-- The stablecoin infrastructure market alone is forecast to grow
from $7.6 billion today to $89.4 billion by 2034, a 32% CAGR.
-- Despite this growth, the market remains structurally fragmented at the
operating layer. Over 300 stablecoins circulate across 60+ blockchain
networks, forcing enterprises to manage multiple integrations and invest
extended periods of time of engineering before processing a single
transaction.
-- USDe operates across 10+ networks spanning DeFi and traditional finance.
USDtb, backed by BlackRock's BUIDL fund, extends Ethena into
institutional settlement.
-- Holding approximately 20% of total ENA supply and building critical
cross-chain infrastructure across over 10+ blockchain networks,
StablecoinX is purpose-built to address the fragmented integration stack
with a single API through the Stablecoin Harness (once operational),
which will help position it as the connective layer of the stablecoin
economy.
Experienced Leadership Team
Edward Chen, Chief Executive Officer and Chairman, brings 20 years of experience across investment banking, research, and public equity investing. He is Founder and CIO of Carnegie Park Capital LLC, a New York-based asset manager principally investing across the SPAC ecosystem, and he previously served as Portfolio Manager at Water Island Capital LLC, a New York-based asset manager where he led the firm's long-short equity portfolios. Prior to that, he was a Managing Director at Jefferies LLC where he led the firm's U.S. Event Driven Strategy effort. Prior to Jefferies, he was a member at Citi's Event-Driven trading desk responsible for due diligence in special situation investments. Edward started his career in finance at Citi's Media & Telecom Investment Banking group. He received an MBA from MIT Sloan School of Management and a BSE from the University of Pennsylvania.
Young Cho, Chief Financial Officer, brings over 27 years across traditional finance and digital assets, and previously served as CEO of TLGY. He is Founder and CEO of Blockhouse Digital, a crypto-focused collateralized lending and yield-generation asset manager, and previously served as CFO of Hashgraph Foundry, CFO of Hedera, and concurrently as CFO and board member of Mount Rainier Acquisition Corp. -- a Nasdaq SPAC that completed a $1.2 billion acquisition of HUB Cyber Security in 2023. Earlier roles include CIO of Abra, Executive Director at UBS Private Finance, Co-founder and Managing Director of Newtonian Capital (event-driven hedge fund, Hong Kong), and Director in Citigroup's Global Special Situations Group. He holds a BS in Electrical Engineering from Cornell, a Master's in Financial Engineering from Cornell, and an MPA in Economic Policy Management from Columbia; he is also a CFA charterholder.
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