StablecoinX +16% in the Peak on Report
StablecoinX (Nasdaq: USDE) – the first publicly traded company focused on Ethena’s ecosystem infrastructure – has released its financial results for the quarter ended June 30, 2026.
On June 25, the company completed a merger transaction with TLGY Acquisition Corporation. Class A shares and warrants began trading on Nasdaq under the ticker symbols USDE and USDEW starting June 26.
The company’s ENA treasury holds approximately 3 billion tokens: 284.95 million were received from the Ethena Foundation, while the remainder came from PIPE investors as part of the deal. At the closing price on June 30 ($0.07204 per token), the treasury is valued at $218.4 million, equivalent to roughly $9.09 per share.
The company’s total assets at the end of the quarter amounted to $232.6 million, of which $18.9 million was cash and $212.9 million were digital intangible assets (ENA at cost, net of impairment). The net loss for the quarter was $34.2 million, primarily due to a $36.2 million impairment of digital assets. Revenue from infrastructure services over the last two weeks of June totaled $62,372.
Ethena ecosystem partnerships during the quarter:
- BlackRock integrated USDe into its Aladdin risk platform, which manages over $20 trillion in assets.
- Ethena’s assets on Robinhood Chain exceeded $200 million within a month after the launch of Robinhood Crypto Earn; USDe accounted for nearly one-third of the total dollar value on this network.
- The DeFi Earn vault on Coinbase powered by USDe surpassed $200 million in its first month of operation; Coinbase Ventures also acquired ENA on the open market.
- Janus Henderson (managing about $480 billion) agreed to integrate its JAAA strategy into USDe backing together with Centrifuge and made a strategic investment in ENA.
As of late July, the cumulative protocol fees on Ethena exceeded $800 million, and holder rewards reached $750 million since launch. The supply of USDe stabilized at $3.9 billion, the yield on sUSDe rose from 3.8% to 4.1% over the month, and the collateralization ratio remained around 101.7%.