StablecoinX, the first publicly listed stablecoin infrastructure company focused on the Ethena ecosystem, completed its merger with TLGY Acquisition Corp and began trading on Nasdaq under ticker "USDE." The company holds about 3B ENA tokens, roughly 20% of total supply.
Matters because: The listing is a milestone for Ethena-linked infrastructure, but the sharp decline in USDe's market cap may weigh on the company's treasury valuation.