StablecoinX completes SPAC merger and officially debuts on Nasdaq today

Stablecoin infrastructure company StablecoinX announced that it has completed its merger with special purpose acquisition company (SPAC) TLGY Acquisition Corp and officially listed on Nasdaq this Friday, with the stock ticker "USDE".

It is reported that StablecoinX is the first publicly listed stablecoin infrastructure company focused on supporting the Ethena ecosystem, with core businesses including decentralized validation nodes and stablecoin middleware software. Currently, the company's treasury holds approximately 3 billion Ethena governance tokens ENA (about 20% of the total supply), valued at approximately $275 million. Affected by the overall downturn in the cryptocurrency market, the market capitalization of Ethena's synthetic dollar stablecoin USDe has decreased by about 70% from its peak of $14 billion last October to the current $4.5 billion.