StablecoinX Debuts on Nasdaq Under USDE as Ethena USDe Supply Falls 70%

StablecoinX completed its merger with TLGY Acquisition Corp. on June 26, 2026, and began trading on Nasdaq under ticker USDE, offering public exposure to an Ethena-focused stablecoin infrastructure holding. The company controls 3.029 billion ENA tokens valued at roughly $275 million, representing about 20% of total ENA supply. This listing occurs against a sharp contraction in Ethena’s USDe, whose circulating supply has dropped 70% from an October peak above $14 billion to approximately $4.5 billion, with no reasons disclosed by the issuer.