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StablecoinX Inc. became a publicly traded company on June 25, 2026 via a reverse recapitalization with SPAC TLGY, raising cash and a large ENA token position through PIPE transactions and a related-party contribution from Ethena. Total assets reached $232.6 million at June 30, 2026, dominated by $212.9 million of digital intangible ENA tokens, while cash totaled $18.9 million.
Revenue remains minimal, with $63,038 recognized in the first half of 2026, primarily from validator and DVN services within the Ethena ecosystem. The company reported a first-half net loss of $34.6 million, driven mainly by a $36.2 million impairment of ENA digital intangible assets and a non‑cash gain on warrant remeasurement.
Liquidity is supported by merger and PIPE proceeds but constrained by current liabilities including $6.9 million of convertible demand notes payable to former sponsors and related‑party demand notes tied to ETH loans. Management prepares the accounts on a going‑concern basis and, on August 5, 2026, entered a non‑binding term sheet to restructure the sponsor notes to support liquidity. Operations and treasury strategy are highly concentrated in the Ethena ecosystem and subject to restrictions on ENA token use and sales.
StablecoinX Inc. reported its first quarter as a public company for the period ended June 30, 2026, highlighting its role in the Ethena digital dollar ecosystem. Revenue for the quarter was $62,372, while a large non-cash impairment of digital intangible assets drove a GAAP net loss of $34,180,809.
The company held an ENA governance token treasury of approximately 3.0 billion tokens, valued at $218.4 million as of June 30, 2026, representing about $9.09 per share based on 24,029,375 Class A shares outstanding. Total assets were $232,559,178, including $18,856,144 of cash following merger and PIPE financing.
Adjusted non-GAAP net loss, which excludes the impairment and fair value changes in digital-asset-related items and warrant liabilities, was $188,204 for the quarter. Operationally, the Infrastructure Services segment reached more than $3.0 billion in cumulative cross-chain volume and became revenue generating, while the StablecoinX Harness Infrastructure Software platform was launched, with Distribution Services targeted for 2027, all designed to deepen integration with the Ethena ecosystem.
StablecoinX Inc. completed its business combination with TLGY Acquisition Corp. and SC Assets on June 25, 2026, becoming a publicly traded company on Nasdaq under the symbols USDE (Class A) and USDEW (warrants). The SPAC structure was collapsed via two mergers, leaving TLGY and SC Assets as wholly owned subsidiaries.
The deal was supported by an aggregate PIPE investment of approximately $893 million, with about $349 million contributed in ENA governance tokens (including a $60 million ENA contribution) and about $544 million in cash. In connection with the closing, 379,721 public SPAC shares were redeemed for roughly $5.1 million.
After the transaction, StablecoinX had 27,187,129 common shares outstanding, split between 24,029,375 non-voting Class A shares and 3,157,754 voting Class B shares. Ethena, via SC Assets Class B exchanges, now beneficially controls a majority of voting power, while TLGY insiders and PIPE investors hold significant economic stakes.
The company operates as an infrastructure software and services platform aligned with the Ethena ecosystem, with three lines of business: validator and DVN infrastructure services, the under-development Stablecoin Harness middleware, and institutional distribution services for Ethena’s digital dollar products USDe and USDtb. A core strategic pillar is its large ENA treasury, intended to support validator operations, DVN security and broader ecosystem participation, subject to significant contractual restrictions and market and regulatory risks.
StableCoinX Inc. director and CEO Edward Tsun-Wei Chen reported indirect acquisitions of Class A and Class B Common Stock tied to the closing of the company’s business combination with TLGY Acquisition Corp. and StablecoinX Assets Inc. The shares were issued at a stated price of $0.00 per share as grants/awards rather than open-market purchases.
Holdings are reported as indirect, including shares held by The Edward Tsun-Wei Chen Trust dated July 12, 2020 and by CPC Sponsor Opportunities I, LP and CPC Sponsor Opportunities I (Parallel), LP. Footnotes state these issuances occurred upon exchange and forfeiture of TLGY Class A shares and Private Placement Warrants and upon exchange of SC Assets Class B Common Stock, with the reporting person disclaiming Section 16 beneficial ownership of CPC fund securities except to the extent of any pecuniary interest.
StableCoinX Inc. director and Chief Executive Officer Chen Edward Tsun-Wei has filed an initial Form 3 insider ownership report for the company’s stock. The filing lists no reportable transactions and shows no separate derivative positions or other holdings data in this excerpt.
StableCoinX Inc. Chief Financial Officer Cho Young reported equity awards and share exchanges rather than open-market trades. On 2026-06-25, he acquired Class A and Class B Common Stock at a stated price of $0.0000 per share through awards and a business combination exchange.
Footnotes explain that some Class A and Class B shares were issued in connection with the closing of a business combination among StableCoinX Inc., TLGY Acquisition Corp. and StablecoinX Assets Inc., through an exchange of StablecoinX Assets Class B shares. Additional Class A shares represent Restricted Stock Units that each convert into one Class A share and vest on December 25, 2026, contingent on continued service. For the Class B shares, Cho Young disclaims Section 16 beneficial ownership except to the extent of any pecuniary interest.
StableCoinX Inc. reported that Schulz von Jacob Ltd, an entity associated with Chief Technology Officer Aly Ahmed J., acquired 52,500 shares of Class A Common Stock and 52,500 shares of Class B Common Stock. These were awarded for no cash cost per share and are held indirectly.
The shares were issued in connection with the closing of a business combination among StableCoinX Inc., TLGY Acquisition Corp. and StablecoinX Assets Inc., through an exchange of SC Assets shares. The reporting person may be deemed to have voting and investment control but disclaims Section 16 beneficial ownership except for any pecuniary interest.
StableCoinX Inc. Chief Technology Officer Aly Ahmed J. has filed an initial Form 3, which is the baseline insider ownership report. In this filing, there are no reported stock or option transactions and no holdings or derivative positions shown, establishing a starting point for any future insider activity disclosures.
StableCoinX Inc. director Tarala Thomas Joseph has filed an initial Form 3 ownership report. The filing identifies him as a director of the company but, in the provided data, does not list any equity holdings or report any buy, sell, or other insider transactions.
StableCoinX Inc. director files initial ownership report with no transactions
StableCoinX Inc. (ticker USDE) director Shah Alkesh has filed an initial Form 3, which reports beneficial ownership when someone becomes an insider. This filing shows no reported transactions or derivative positions and does not list any current holdings in StableCoinX Inc. securities.