Woofun AI reports that stablecoin infrastructure provider StablecoinX has finalized its merger with special purpose acquisition company TLGY Acquisition Corp, officially listing on the Nasdaq exchange under the ticker symbol "USDE". As the first publicly traded entity dedicated to supporting the Ethena ecosystem, the company operates decentralized validation nodes and stablecoin middleware software.

The firm's treasury currently holds approximately 3 billion Ethena governance tokens (ENA), representing roughly 20% of the total supply and valued at around $275 million.

Meanwhile, the market capitalization of Ethena's synthetic dollar stablecoin USDe has declined by approximately 70% from its peak of $14 billion last October to the current level of $4.5 billion, reflecting broader cryptocurrency market conditions.