StablecoinX completes SPAC merger, begins trading on Nasdaq under ticker USDE

Key facts

• Business combination closed June 25, 2026; StablecoinX Class A Common Stock and Public Warrants commenced trading on Nasdaq on June 26, 2026 under symbols USDE and USDEW
• 27,187,129 total shares outstanding post-closing: 24,029,375 Class A Common Stock and 3,157,754 Class B Common Stock
• Ethena OpCo beneficially owns majority voting power (57.42% through 1,813,164 Class B shares) following ENA contribution and PIPE closing
• Company holds approximately 3.03 billion ENA tokens (approximately 39.4% of 7.69 billion circulating ENA supply)
• 5,044,357 shares subject to registration rights under Amended and Restated Registration Rights Agreement dated June 25, 2026
• 379,721 public shares redeemed at approximately $13.35 per share for aggregate redemption of approximately $5,068,095
• PIPE investors committed approximately $893 million aggregate ($349 million in ENA tokens, $544 million in cash)
• Lock-up agreements restrict TLGY legacy shareholders and SC Assets legacy shareholders from transferring shares for six months or until change of control event

Why it matters

StablecoinX emerged from the business combination as a publicly traded infrastructure company with direct access to capital markets and strategic alignment with Ethena as majority shareholder; its three-part operating model (validator services, middleware software, and distribution partnerships) positions it to participate across multiple segments of the Ethena ecosystem, though success depends on commercialization of early-stage businesses and continued ecosystem adoption.

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