USDE’s Secret Weapon: Inside StablecoinX’s Rise StablecoinX is a validator and infrastructure company supporting the Ethena protocol by running validators and delivering technical services essential for its decentralized operations. In addition to maintaining core infrastructure, StablecoinX is also executing a long-term treasury strategy focused on accumulating and managing $ENA, Ethena’s native token, to strengthen its role and influence within the ecosystem. A ✍️ @AlphaInsiders

[1] StablecoinX emerged from Ethena’s explosive growth in 2025 and quickly secured major institutional support through a $360 million private investment in public equity deal during its SPAC merger with TLGY Acquisition Corp, a financing round led by the Ethena Foundation and backed by top-tier firms like Pantera Capital, Galaxy Digital, Dragonfly, Polychain, Ribbit Capital, Haun Ventures, and Wintermute

[2] The firm will trade publicly on Nasdaq under the ticker USDE and plays a central role in Ethena’s strategy to accumulate and lock $ENA tokens as a treasury reserve, mirroring the bitcoin treasury model and reinforcing long-term protocol alignment. This rapid ascent reflects a broader trend: Ethena’s USDe stablecoin has surged to become the third-largest by supply (over $6 billion) on the back of accelerating capital inflows $750 million in just days with $ENA token prices climbing amid rising revenue, institutional credibility, and growing DeFi adoption On Thursday, the US House passed three crypto bills, including a landmark stablecoin law that sets reserve rules and regulatory oversight for issuers, giving dollar-backed digital assets a clear legal framework. President Trump signed the stablecoin bill into law on Friday, while the other two await Senate review. Meanwhile, Circle, issuer of $USDC went public in June, with its stock soaring over 600% since its $31 IPO.