StablecoinX Debuts on Nasdaq with $275M Ethena Token Treasury After TLGY Merger
USDE has more than doubled off its 52-week low of $1.01 on elevated volume (37× avg).
Summary
StablecoinX Inc. has commenced trading on the Nasdaq Capital Market under the ticker USDE, following its merger with TLGY Acquisition Corp. This public debut, which follows the 8-K filed yesterday announcing the merger finalization, brings a new Ethena-linked treasury and infrastructure vehicle to U.S. public markets. The company holds a significant Ethena governance token treasury valued at approximately $275 million, representing about 20% of ENA's total supply and $11.42 per fully diluted share. This provides equity investors a direct listed exposure to the Ethena digital dollar ecosystem.
At the time of this announcement, USDE was trading at $3.76 on NASDAQ in the Crypto Assets sector. The 52-week trading range was $1.01 to $23.00. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: CryptoProwl.