---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-26-072231"
form_type: "8-K"
ticker: "USDE"
cik: "0002080215"
company_name: "StableCoinX Inc."
filed_at: "2026-06-25T23:43:13+00:00"
generated_at: "2026-06-26T10:05:28.120490+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# StablecoinX closes business combination with TLGY, begins trading on Nasdaq under USDE

## Summary
- Holds ~3.03B ENA tokens valued at ~$275M, representing ~20% of total ENA supply at closing.
- Trading begins June 26 on Nasdaq under 'USDE' for Class A common and 'USDEW' for warrants.
- Three-pillar model: live DVN infrastructure, planned Stablecoin Harness middleware, and distribution services for institutional adoption.
- Long-term collaboration with Ethena Foundation enables further ENA accumulation at a discount directly from Ethena.
- Approximately 24M publicly traded Class A shares outstanding; ENA holdings equal $11.42 per fully diluted share.

## SEC filing metadata
- accession: 0001213900-26-072231
- form_type: 8-K
- ticker: USDE
- cik: 0002080215
- company_name: StableCoinX Inc.
- filed_at: 2026-06-25T23:43:13+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/2080215/000121390026072231/0001213900-26-072231-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/2080215/000121390026072231/ea0296024-8k_stablecoinx.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-26-072231
- JSON: https://secwatch.observer/filing/0001213900-26-072231.json
- Plain text: https://secwatch.observer/filing/0001213900-26-072231.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.