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.