StablecoinX to List on Nasdaq Amid Crypto Bear Market

Stablecoin infrastructure company StablecoinX has completed its merger with TLGY Acquisition Corp and will begin trading on Nasdaq on Friday under the symbol "USDE." The firm says it is the first public stablecoin infrastructure company focused on supporting the Ethena ecosystem through decentralized verifier nodes and software infrastructure.

Edward Chen, CEO and Chairman of StablecoinX, said, "We believe Ethena has emerged as one of the most important platforms powering the next generation of digital dollars." USDe is a yield-bearing synthetic dollar-pegged stablecoin that maintains its $1 peg through a derivatives strategy.

Unlike USDt (USDT) or USDC (USDC), which are backed by actual dollars, USDe is backed by crypto collateral in Bitcoin and Ether plus short futures positions on those same assets, allowing long and short positions to offset volatility. The delta-neutral approach performs in normal markets but is vulnerable when futures funding rates go negative.

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