Stablecoin infrastructure company StablecoinX has completed its merger with TLGY Acquisition Corp., a publicly traded special purpose acquisition company, and is set to begin trading on NASDAQ on Friday under the symbol USDE. The listing makes StablecoinX the first public company focused on infrastructure for the Ethena ecosystem, including decentralized verifier nodes and related software systems.
The debut comes at a difficult moment for the digital asset sector. Despite the growing role of stablecoins in crypto markets, Ethena’s USDe still accounts for only about 1.4% of the overall stablecoin market, far behind larger rivals such as Tether and Circle. The company is making a strong case that stablecoins are becoming an important layer of global financial infrastructure, even as sentiment across the market remains weak.
USDe is a yield-bearing synthetic dollar token rather than a fully reserved stablecoin. Instead of holding cash or cash equivalents, it relies on a delta-neutral derivatives strategy that combines crypto collateral, mainly Bitcoin and Ether, with short futures positions on those assets. The goal is to offset price movements and keep the token close to $1. The model can function effectively in stable conditions, but it becomes more exposed when funding rates turn negative.
The token’s market position has weakened significantly. USDe’s circulating supply has fallen about 70% from its October peak, when it topped $14 billion. Its market capitalization now stands near $4.5 billion, placing it sixth among stablecoins.
StablecoinX also holds roughly 3 billion ENA governance tokens, equal to about 20% of the supply and worth around $275 million. The company recently announced a $360 million capital raise intended to increase its ENA holdings. However, ENA is trading near $0.08, far below its April 2024 peak.
StablecoinX says it will operate across three lines of business — verifier-node infrastructure, middleware software under development, and distribution services. The company argues these activities will reinforce one another, though the weak crypto market creates a challenging setting for a public debut.USD/CHF extended its advance on Friday, rising about 0.3% to trade near 0.8100 during Asian hours. The pair was supported by a firmer US dollar as investors increased wagers that the Federal Reserve could raise interest rates later this year. Market pricing in the CME FedWatch tool currently implies a 63.4% chance of a rate increase at the Fed’s September 15 – 16 meeting.
Those expectations have been reinforced by recent US inflation data. The headline Personal Consumption Expenditures price index rose 4.1% year over year in May, up from 3.3% in April and marking the first move above 4% in three years. The increase was driven in part by higher energy costs linked to tensions in the Middle East, keeping the possibility of additional tightening on the table.
The Fed’s preferred core PCE measure also edged higher, reaching 3.4% from 3.3% in April. That was the strongest annual reading for the core gauge since October 2023 and added to the view that inflation remains too elevated for policymakers to declare victory.
On the Swiss side, investor confidence weakened sharply in June. A UBS and CFA Society Switzerland survey showed sentiment falling to -25.0 from -11.1 in May, reflecting a deepening pessimistic outlook. The economic expectations component dropped by 13.9 points month on month, underscoring growing concerns about the domestic outlook.
At the same time, the Swiss National Bank left its policy rate unchanged at 0% for a fourth straight meeting. While officials said the current stance remains consistent with price stability and support for growth, they also lifted their inflation forecasts and kept open the option of intervening in foreign exchange markets if needed to curb excessive franc strength.
