StablecoinX completed its merger with TLGY Acquisition Corp and began trading on Nasdaq on Friday. The company, which provides decentralized verifier nodes and software infrastructure for the Ethena ecosystem, will trade under the symbol USDE. In a statement on Thursday, CEO Edward Chen said the platform is a key component of the next generation of digital dollars. USDe is a yield‑bearing synthetic dollar‑pegged stablecoin that maintains its $1 peg through crypto collateral and short futures positions on Bitcoin and Ether. Its market capitalization has declined about 70% since October, falling to roughly $4.5 billion and ranking sixth among stablecoins. StablecoinX holds approximately 3 billion ENA governance tokens, valued at about $275 million, and announced a $360 million capital raise to purchase ENA. The broader crypto market has dropped about 52% since October, shrinking total market value by $2.3 trillion. Pre‑merger TLGY shares fell 6.93% to $9.40 on OTC markets. The listing occurs amid a bearish crypto environment and reflects ongoing attempts to bring stablecoin infrastructure to public markets.