StablecoinX Inc. (USDE) filed Amendment No. 1 to its Form S-1 registering a primary offering of 19,124,586 shares of Class A Common Stock issuable upon exercise of outstanding warrants and a secondary offering of 12,668,943 shares of Class A Common Stock by selling stockholders. The primary shares comprise 11,500,000 from Public Warrants at $11.50, 3,267,679 from Tranche A Sponsor Warrants at $11.50, and 4,356,907 from Tranche B Sponsor Warrants at $15.00. The company will receive cash only if these warrants are exercised, with potential gross proceeds of about $235.2 million, while selling stockholders receive all resale proceeds. As of August 28, 2026, 24,029,375 Class A shares were outstanding, and the registered resale shares represent about 29.3% of Class A shares (and 41.1% of non‑affiliate common stock) on a fully diluted basis, which the prospectus warns could pressure the stock price. StablecoinX is an infrastructure software and services company built around the Ethena ecosystem, with validator and DVN infrastructure, the StablecoinX Harness middleware platform, and planned distribution services, and it holds a large ENA token treasury, concentrating its risk and exposure on Ethena and ENA price volatility.
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) filed a Form S-1 for a mixed primary and resale shelf offering tied to its recent SPAC business combination with TLGY Acquisition Corp. The primary component covers 19,124,586 shares of Class A Common Stock issuable upon exercise of Public and Sponsor Warrants (11,500,000 at $11.50, 3,267,679 at $11.50, and 4,356,907 at $15.00 per share). A secondary component registers 12,668,943 Class A shares for resale by existing holders, including shares issued in the Business Combination, RSUs and shares underlying Sponsor Warrants.
StablecoinX is an infrastructure software and services company focused on the Ethena ecosystem, operating validator and DVN infrastructure, its StablecoinX Harness middleware platform, and planned distribution services for Ethena’s digital dollar products. The company holds a substantial treasury in ENA, Ethena’s governance token, and is economically concentrated on the Ethena ecosystem.
As of August 28, 2026, 24,029,375 Class A shares were outstanding. Selling stockholders may resell shares equal to about 29.3% of Class A stock and 41.1% of non-affiliate common stock on a fully diluted basis, creating potential overhang and price pressure. StablecoinX will receive no proceeds from resale; it would receive up to $235.2 million only if all warrants are exercised for cash, which is described as unlikely at current prices. The company is an emerging growth, smaller reporting, and Nasdaq “controlled company,” with extensive risk factors around ENA price volatility, digital-asset regulation, infrastructure and protocol risks, and dependence on the Ethena 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. 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.