Stablecoin infrastructure firm StablecoinX will begin trading on Nasdaq on June 26 local time after completing a merger with TLGY Acquisition.

Cointelegraph reported on June 26 local time that StablecoinX focuses on supporting the Ethena ecosystem through decentralised validator nodes and software infrastructure. The company stressed it is the first listed stablecoin infrastructure firm focused on the Ethena ecosystem.

Market conditions are not favourable. Ethena USDe's share of the stablecoin market is about 1.4 percent. The broader cryptocurrency market is also in a bearish phase.

USDe is a yield-bearing synthetic dollar-pegged stablecoin. Unlike USDT and USDC, which are backed by actual dollars, it is collateralised by bitcoin and ether and uses short futures positions in the same assets to maintain a value around $1.

USDe circulation has fallen 70 percent since the peak of the bull market in October last year. The amount, which exceeded $14 billion at the time, has declined to about $4.5 billion and it has dropped to sixth among stablecoins.

StablecoinX's treasury holds about 3 billion Ethena governance tokens, ENA. That is about 20 percent of total supply, with a value of about $275 million.

StablecoinX operates three businesses: decentralised validator nodes that verify cross-chain messages in the Ethena ecosystem, a middleware software stack called Stablecoin Harnis, and a distribution service under development.