StablecoinX lists on Nasdaq with $275M ENA

• StablecoinX has completed its Nasdaq listing with about US$275 million worth of Ethena governance tokens on its balance sheet.
• The listing gives public investors direct exposure to Ethena as USDe circulating supply remains well below its October peak.
• The company plans to expand through infrastructure, software and institutional distribution services built around the Ethena ecosystem.

StablecoinX began trading on Nasdaq after completing its business combination, listing with approximately 3.029 billion Ethena (CRYPTO:ENA) tokens valued at about US$275 million while USDe circulating supply remains near US$4.5 billion.

The listing follows StablecoinX's previously announced ENA treasury strategy and comes after USDe supply declined about 70% from its October peak of more than US$14 billion, creating a different market backdrop from last year's expansion.

“We believe Ethena has emerged as one of the most important platforms powering the next generation of digital dollars,” said StablecoinX Chief Executive Officer and Chairman Edward Chen.

StablecoinX said its ENA holdings represent about 20% of the token's total supply, while the company has about 24 million publicly traded Class A shares outstanding and expects its public warrants to trade under the ticker USDEW from June 26.

The company said it will focus on three business lines covering Ethena infrastructure, Stablecoin Harness software and institutional distribution services, while following the announcement StablecoinX shares began trading on Nasdaq and public warrants were scheduled to commence trading under USDEW.

Ethena's synthetic dollar USDe is designed to maintain a US$1 value using crypto collateral and hedged futures positions rather than traditional cash reserves, although its yield depends on market conditions.

StablecoinX enters public markets as Ethena continues expanding partnerships across decentralised finance despite lower USDe supply and ongoing regulatory debate surrounding yield-bearing stablecoins in the United States.

At the time of reporting, Ethena price was $0.07918.