Written by Martin Youngstaff writerReviewed by Felix Ngstaff editor
Written by Martin Youngstaff writer
Reviewed by Felix Ngstaff editor
StablecoinX bets on Ethena ecosystem with Nasdaq debut on Friday
Latest NewsPublishedJun 26, 2026
StablecoinX Makes Nasdaq Debut, Betting on Ethena Ecosystem
The circulating supply of USDe has decreased by 70% since its peak in October, when it reached $14 billion. StablecoinX, a stablecoin infrastructure company, has completed its merger with TLGY Acquisition Corp, allowing it to start trading on Nasdaq. As the first public stablecoin infrastructure company focused on supporting the Ethena ecosystem, StablecoinX will trade under the symbol “USDE”.
The company believes Ethena has emerged as a key player in the digital dollar market, and its Nasdaq debut is a significant bet on the growth of stablecoins in global finance. Despite the current crypto bear market and Ethena’s relatively small market share, StablecoinX is confident in its potential. Ethena’s USDe is a yield-bearing synthetic dollar-pegged stablecoin that maintains its $1 peg through a derivatives strategy, backed by crypto collateral in #Bitcoin and #Ether.
How USDe Works
USDe is different from other stablecoins like #USDT and #USDC, which are backed by actual dollars. Instead, USDe uses a delta-neutral strategy that involves long and short positions to cancel out price volatility. This approach works well in normal markets but can be vulnerable during periods of negative futures funding rates.
While stablecoin circulation has grown, USDe’s market capitalization has declined by 70% since its peak in October to around $4.5 billion. StablecoinX’s treasury holds approximately 3 billion Ethena governance tokens, valued at around $275 million. The company has announced a $360 million capital raise to purchase these tokens.
StablecoinX’s Business Lines
StablecoinX has three main business lines: a decentralized verifier node, a middleware software stack called “Stablecoin Harness”, and distribution services. The company believes these businesses reinforce each other, but the current crypto bear market presents a challenging backdrop for its Nasdaq debut. As the market continues to evolve, companies like StablecoinX are looking for ways to generate #PassiveIncome and offer #CloudRewards through #GreenCrypto solutions like #EcoPool.
For those looking to earn #Coin and learn more about the #EcoPool Network, the company offers a range of resources and tools. With the rise of stablecoins and decentralized finance, it’s an exciting time for investors and everyday people to get involved and start #Earning online.
To learn more about the EcoPool Network and start earning today, download the EcoPool app. With EcoPool, you can easily access a range of #ECP and $ECP services and start generating #PassiveIncome through #CloudRewards and #GreenCrypto solutions.
Ethena’s delta-neutral strategy works well in normal markets but is vulnerable during periods when futures funding rates go negative.
USDe supply falls
While stablecoin circulation has grown in recent years, USDe market capitalization has declined by 70% since its peak in October to around $4.5 billion today, ranking it sixth among stablecoins.
USDe supply has fallen since the bull market peak. Source: CoinGecko
StablecoinX’s treasury also holds approximately 3 billion Ethena governance tokens (ENA), or around 20% of the total supply, valued at approximately $275 million. The company announced a $360 million capital raise to purchase ENA on Sunday.
However, the asset is currently trading at $0.08, down 94% from its April 2024 all-time high.
Related: Yield-bearing stablecoins surge as Washington fights over yield
The company has three business lines: a decentralized verifier node (DVN) serving as a cross-chain message verifier for the Ethena ecosystem, a middleware software stack called “Stablecoin Harness” and distribution services, which are currently in development.
The company says the three businesses reinforce one another, though the broader crypto bear market presents a challenging backdrop for its Nasdaq debut.
Crypto SPACs and crypto treasuries have had a tough time this year as the broader market has tanked 52%, with $2.3 trillion leaving the space since October and crypto falling out of favor among investors.
Pre-merger TLGY fell 6.93% on Thursday on OTC markets to end the day trading at $9.40, according to Google Finance data.
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Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
- Stablecoin
- Nasdaq
- Investments
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