Every 8-K that StablecoinX Inc. (USDE) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 8-K covers material events a company has to report between its quarterly reports, so if you follow USDE and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full USDE filings page.
StablecoinX Inc. (USDE) entered into a Waiver Letter on September 14, 2026 with its subsidiary StablecoinX Assets Inc., Ethena OpCo Ltd. and the Ethena Foundation to modify restrictions on ENA tokens held by or deliverable to the company and its subsidiaries.
Effective October 5, 2026, the Ethena parties will permanently waive, release and terminate all lock-up, vesting and unlocking restrictions on these ENA tokens, including a 48‑month contractual lock-up tied to PIPE token purchase agreements from StablecoinX’s business combination with TLGY Acquisition Corporation. The waiver aligns the company’s lock-up release date with that already announced for other ENA holders.
The Waiver Letter also sets a framework for “Funding Sales” of ENA tokens to fund working capital and strategic requirements related to activities described as value-accretive to the Ethena ecosystem. For each Funding Sale, StablecoinX must give the Ethena Foundation at least five business days’ prior written notice, during which the Foundation may elect to acquire all or part of the tokens at the proposed price. Any ENA sale or other disposition by StablecoinX remains subject to the Foundation’s prior written consent under the existing Collaboration Agreement and to applicable laws and regulations.
StablecoinX Inc. (USDE) announced a leadership transition, with Edward (Ted) Chen resigning as Chief Executive Officer effective September 8, 2026, while continuing as Chairman of the Board and leaving the Board’s Investment Committee. The Board appointed Christopher Jensen as Chief Executive Officer, director, and Investment Committee member, effective the same date.
The company entered into new employment agreements with Mr. Jensen and Chief Financial Officer Young Cho, providing specified cash severance and COBRA-premium benefits upon certain terminations, including enhanced multiples during a Qualifying Change in Control Period. StablecoinX highlights that its treasury strategy is anchored by approximately 3.03 billion ENA tokens, described as roughly 20% of ENA’s total supply, positioning it as the largest corporate holder of Ethena’s governance token and reinforcing its strategic focus on the Ethena digital dollar ecosystem.
StablecoinX Inc. (USDE) entered into Note Consolidation and Restructuring Agreements with TLGY Sponsors LLC, CPC Sponsor Opportunities I, LP and CPC Sponsor Opportunities I (Parallel), LP covering approximately $6.9 million of convertible promissory notes originally issued by TLGY Acquisition Corporation in connection with its prior SPAC structure.
Each former SPAC sponsor agreed that 5% of its notes’ original principal will be paid in cash, 47.5% in Tranche A warrants priced at $1.00 each and exercisable at $11.50 per Class A share, and 47.5% in Tranche B warrants priced at $0.75 and exercisable at $15.00 per share. The warrants are exercisable starting 30 days after issuance, with Tranche A expiring on June 25, 2031 and Tranche B expiring eight years after issuance, carry cashless exercise and non-redeemable features while held by the former SPAC sponsors or their permitted transferees, and were issued as unregistered securities under Section 4(a)(2). Upon satisfaction of the restructuring terms, the prior notes will be cancelled and deemed null and void.
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. has closed its previously announced business combination with TLGY Acquisition Corp., transforming into a publicly traded stablecoin infrastructure company focused on the Ethena digital dollar ecosystem. Its Class A common stock and public warrants are set to begin trading on the Nasdaq Capital Market under the symbols “USDE” and “USDEW” on June 26, 2026.
At closing, StablecoinX holds approximately 3,029 million ENA tokens valued at about $275 million, based on a 30-day ENA VWAP of $0.0909, and has about 24 million publicly traded Class A shares outstanding. The company positions itself as the first public stablecoin infrastructure platform dedicated to supporting Ethena through infrastructure services, Stablecoin Harness middleware, distribution services, and a multi-year ENA governance token treasury strategy.