StablecoinX Completes De-SPAC, Raises $893M PIPE, Adopts Dual-Class Structure with Ethena Holding Majority Voting Power
USDE has more than doubled off its 52-week low of $1.01 on elevated volume (58× avg).
Summary
StablecoinX Inc. has finalized its business combination, becoming a public company with a dual-class share structure and significant ENA token holdings, following an $893 million PIPE investment that now trades at a deep discount to its original price.
Key Events · Corporate Governance and Compliance · USDE
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De-SPAC Transaction Completed
StablecoinX Inc. finalized its business combination with TLGY Acquisition Corp. on June 25, 2026, and commenced trading on the Nasdaq Capital Market under the ticker USDE on June 26, 2026.
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Substantial PIPE Investment
The company completed PIPE investments totaling approximately $893 million, consisting of $544 million in cash and $349 million in ENA Tokens. The PIPE was priced at $10.00 per share, significantly above the current market price of $4.89.
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Dual-Class Share Structure and Voting Control
StablecoinX adopted a dual-class common stock structure: Class A (non-voting, economic rights) and Class B (one vote per share, no economic rights). Ethena beneficially owns a majority of the voting power of the outstanding shares.
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Significant ENA Treasury Holdings
The company holds approximately 3.03 billion ENA tokens, representing about 39.4% of the circulating supply and 20% of the total ENA in existence, as a core treasury asset for its operations within the Ethena ecosystem.
Analysis · USDE · Crypto Assets
This filing details the completion of StablecoinX Inc.'s de-SPAC transaction, a transformative event making it a publicly traded company. A substantial $893 million PIPE investment was completed, providing significant capital. However, the current market valuation is drastically lower than the implied PIPE valuation (priced at $10/share), indicating a significant loss of value since the PIPE was announced. The company has adopted a dual-class share structure, with Ethena OpCo holding a majority of the voting power, which concentrates control. The company's business model is heavily tied to the Ethena ecosystem and its large holdings of ENA tokens. The existence of registration rights for a substantial portion of shares creates a potential overhang on the stock.
At the time of this filing, USDE was trading at $4.89 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $12.1M. The 52-week trading range was $1.01 to $23.00. This filing was assessed with negative market sentiment and an importance score of 9 out of 10.