StablecoinX Inc. (USDE)

StablecoinX Inc. is a Nasdaq-listed company built to hold ENA, the governance token of the Ethena protocol, as its primary treasury asset. Ethena is a decentralized finance protocol that issues USDe, a synthetic dollar designed to hold its value through a combination of crypto collateral and offsetting hedge positions.

The company accumulates ENA and seeks to support and participate in the Ethena ecosystem, offering investors exposure to the protocol through a listed equity. It was formed with backing from Ethena-related entities and has positioned itself as the first public treasury vehicle dedicated to ENA.

StablecoinX became publicly traded in June 2026 after completing a business combination with the special purpose acquisition company TLGY Acquisition Corporation, and its Class A shares trade under the ticker USDE.