South Korea’s Kospi tumbled as much as 9%, triggering its second trading halt of the week, as chipmakers SK Hynix and Samsung both fell more than 8%. Nasdaq 100 futures fell 1.5%. Brent crude slipped below $74 a barrel, easing little of the pressure, after a projectile strike on a vessel in the Strait of Hormuz briefly revived supply concerns.

The crypto-specific selling added to it. Part of bitcoin’s pullback came from large holders selling sizable amounts into a market that has been slow to absorb the extra supply, said Gabe Selby, head of research at CF Benchmarks, in an email to CoinDesk.

He said much of the new money and investor attention has flowed into AI plays lately, leaving crypto fighting for a smaller share of overall risk appetite, and described the move as a broad market cooldown rather than anything broken in crypto itself.

Selby sees the current zone as the one that has historically halted bitcoin’s declines. “Bitcoin has pulled back into the $50,000 to $60,000 zone today, and if history is any guide, this is where buyers step in,” he said.

That leaves the market where it has traded all week, with bitcoin leaning on a level it has not lost in nearly two years while the altcoins around it weaken faster. Selby further pointed to $55,000 as the support to watch below and $61,000 to $62,000 as the level bulls need to reclaim, and advised keeping position sizes sensible.

On-chain investigator ZachXBT has warned that centralized exchange AscendEX may be delaying user withdrawals due to possible liquidity stress. 

The alert followed several user reports claiming that withdrawals had been pending for days or weeks.

AscendEX, formerly known as BitMax, has not issued a public response to the latest claims at the time of writing. ZachXBT said he reviewed known exchange hot wallets on Arkham and TRM. He said the wallets appeared to lack large assets such as ETH, USDT, USDC and SOL.

Wallet review raises reserve questions

ZachXBT said the wallet review points to possible liquidity issues, but the claim has not been confirmed by AscendEX. He said the exchange may be delaying or failing to process some withdrawal requests. He also shared EVM, Tron and Solana hot wallet addresses linked to the review.

“I have observed multiple reports that the centralized exchange AscendEX is delaying user withdrawals for days / weeks or not processing withdrawals,” ZachXBT said in his alert.

He added that its reserves “appear to lack large cap tokens” such as ETH, USDT and SOL. The wording leaves room for further verification because exchange reserves can include cold wallets, third-party custody or wallets not publicly labeled.

AscendEX history adds context

AscendEX was founded in 2018 by George Jing Cao and Ariel Ling. The exchange became known as BitMax before its later rebrand. In December 2021, the platform was reportedly hacked for about $78m in assets, with the Lazarus Group later linked to the attack.

The new alert comes at a time when users remain sensitive to withdrawal delays across smaller and mid-sized exchanges. As crypto.news reported, ZachXBT also flagged JuCoin over withdrawal delays and reserve concerns earlier this month. In that case, users questioned whether reported reserves were backed by liquid third-party assets.

Users look for proof of liquidity

AscendEX’s own help center says withdrawals usually move through platform verification, blockchain confirmation and receipt by the target wallet. It also says users should receive a TXID once AscendEX completes the transfer to the blockchain. The help center tells users to contact support if no TXID is generated within two hours after a withdrawal request.

That guidance matters because several complaints around exchange delays often center on the same point: funds leave the available balance, but no blockchain transaction appears. Without a TXID, users cannot verify whether the asset has moved on-chain. That makes communication from the exchange more important during stress.

Previously, crypto.news explored how reserve reports can fail to calm users when withdrawal pressure builds. The same issue now applies to AscendEX. Users need clear timelines, wallet transparency and proof that major assets remain available for withdrawal.

The situation remains developing. ZachXBT’s claims raise concern, but they do not prove insolvency. AscendEX can reduce uncertainty by publishing a clear update, explaining any delays and showing verifiable asset balances across hot and cold wallets. Until then, the alert is likely to keep pressure on the exchange and its reserve practices.

Coinbase-backed Base returned online after a consensus issue stopped block production for almost two hours on Thursday. 

The Ethereum layer-2 network said blocks were again being produced normally after engineers worked through the incident.

Base first reported unhealthy block production on its official status page at 4:03 p.m. UTC. The team later said it had isolated a consensus problem that caused an invalid block to be sequenced. That event stopped new blocks from being created after block 47,806,542.

In a later X update, Base said, “blocks are being produced normally” and that it had verified broad recovery across the ecosystem. The team added that it would continue to investigate the root cause and share a full post-mortem.

The outage marked a rare halt for one of the busiest Ethereum scaling networks. Base supports trading, payments, apps and token transfers for users and builders. A block production pause stops new on-chain activity until the network resumes.

Pollak says funds were safe

Base creator Jesse Pollak said user funds were safe during the outage. In a post on X, he said, “funds are safe,” but added that “a halt is not okay” for a platform trying to support global finance.

The statement aimed to calm users while also acknowledging the seriousness of the halt. Network downtime can affect apps, wallets, exchanges and bridge services that depend on fresh blocks. It can also delay transactions that users expected to settle quickly.

Base said ecosystem node operators needed to restart nodes to recover syncing. The status page also said internal nodes had resumed syncing correctly. That step helped infrastructure providers return to normal after sequencing resumed.

The team did not give a final technical explanation beyond the invalid block and consensus problem. A fuller report is expected to explain how the invalid block entered sequencing, why the chain stopped, and what checks will change.

Beryl upgrade adds timing pressure

The outage happened just before Base completed its Beryl upgrade. The upgrade was scheduled around the same day and later went live after the network recovered. Beryl aims to cut some withdrawal delays and support a new B20 token standard for assets such as stablecoins and real-world asset tokens.

Meanwhile, the Beryl upgrade reduces the standard Base-to-Ethereum withdrawal delay from seven days to five days. It also introduces a native token standard built into Base’s node software rather than only through smart contracts.

As previously reported, Base suffered a 33-minute outage in August 2025 after a sequencer handoff problem stopped block production. That earlier incident also led to infrastructure changes and more testing.

The new halt may renew questions about sequencer design and uptime. Base plays a growing role in Coinbase’s wider product plans. Coinbase has been expanding beyond crypto trading into stocks, lending, payments and AI-linked tools.

Reliability remains key for institutions

Base has also become important for institutional blockchain use. In a previous article, crypto.news discussed JPMorgan launching JPM Coin on Base for faster institutional payments and 24/7 settlement. That kind of use requires strong uptime and clear recovery steps when problems appear.

Base is not the only major network to face downtime this year. Previously, crypto.news explored Sui’s second network stall in May, when block production stopped and the SUI token fell. The Base incident shows that even large networks can face edge-case failures.

For now, Base says block production has recovered. The next test will be the post-mortem. Users and builders will look for a clear cause, a fix, and steps that reduce the chance of another halt.

StablecoinX has completed its merger with TLGY Acquisition Corp, a publicly traded SPAC, positioning the stablecoin infrastructure firm to begin trading on Nasdaq on Friday. The company will list under the ticker symbol USDE, according to a statement released Thursday.

The debut marks a major milestone for a business focused on building stablecoin infrastructure for the Ethena ecosystem, including decentralized verifier nodes and supporting software layers. The move comes as the broader crypto market struggles, despite ongoing interest in “digital dollars” as settlement rails for mainstream finance.

Key takeaways

• StablecoinX is set to start Nasdaq trading under the ticker USDE following its merger with TLGY Acquisition Corp.
• The company is branded as an infrastructure provider for Ethena, rather than a direct issuer competitor to dollar-backed stablecoin majors.
• USDe’s $1 peg relies on a derivatives-based, delta-neutral strategy—an approach that can face stress when futures funding rates turn negative.
• USDe supply and market value have declined sharply from its October peak, underscoring a tougher environment for yield-linked stablecoins.
• StablecoinX holds a large ENA treasury position, and the ENA price has fallen dramatically from its April 2024 high—factors investors may want to monitor closely.

Nasdaq listing tied to Ethena infrastructure

StablecoinX describes itself as the first publicly listed stablecoin infrastructure company aimed at supporting the Ethena ecosystem. Its core offerings include decentralized verifier nodes (DVNs)—a function designed to serve as a cross-chain message verifier for Ethena—and a software and distribution set of products.

According to the Thursday statement, the firm will begin trading Friday after completing the business combination. CEO and Chairman Edward Chen framed the rationale around Ethena’s growing role in “the next generation of digital dollars,” signaling that StablecoinX’s market thesis is tied to Ethena’s continued development rather than to broad stablecoin market share alone.

Why USDe’s design matters: synthetic peg and derivatives risk

At the center of StablecoinX’s story is Ethena’s USDe, a yield-bearing, synthetic dollar-pegged stablecoin. Unlike USDt (USDT) or USDC (USDC), which are backed by actual dollars, USDe is intended to maintain its $1 peg through a derivatives strategy.

The system uses crypto collateral in Bitcoin and Ether, paired with short futures positions on the same assets. In normal market conditions, long and short exposure can offset price swings, helping stabilize USDe’s value at approximately $1.

However, the strategy is not “set and forget.” The model is described as delta-neutral in regular trading environments, but it can be vulnerable during periods when futures funding rates go negative. That nuance is important for investors who may view synthetic and yield-linked stablecoins as fundamentally different from fully fiat-backed designs.

USDe shrinking from its peak while stablecoin demand continues

Even with stablecoins generally expanding over recent years, the input data points to a different trend for USDe itself. The article reports that USDe market capitalization has declined by 70% since its October peak, reaching roughly $4.5 billion and placing it sixth among stablecoins. The text also notes that Ethena’s USDe represents only about 1.4% market share—well behind competitors such as Tether and Circle.

The supply trend highlights a key tension in the current stablecoin landscape: demand for dollar-like tokens may be resilient, but the market appetite for specific yield mechanics can fluctuate with broader crypto conditions and market structure (including derivatives funding).

StablecoinX’s treasury exposure and recent capital plans

StablecoinX’s financial positioning is closely tied to Ethena’s native token ENA. The company’s treasury reportedly holds about 3 billion ENA, or roughly 20% of total supply, valued at approximately $275 million based on the information provided.

StablecoinX also announced a $360 million capital raise to purchase ENA on Sunday, as referenced in the article.

But the same source notes that ENA is currently trading at $0.08, down 94% from its April 2024 all-time high. With such a sharp decline, investors may want to consider whether the planned ENA purchases will strengthen treasury alignment with Ethena—or whether valuation compression and market risk remain material.

Infrastructure thesis in a tough crypto market

The Nasdaq move lands during a difficult stretch for crypto and crypto-related capital raising. The article states that crypto SPACs and crypto treasuries have had a challenging year as the broader market has fallen, with $2.3 trillion leaving the space since October and crypto dropping out of favor among investors.

Before the merger, TLGY reportedly fell 6.93% on Thursday in OTC trading, ending at $9.40, according to Google Finance data cited in the article. That backdrop adds context to the risk-reward calculation for investors evaluating StablecoinX as a newly public stablecoin infrastructure platform.

Looking ahead, the main questions for readers are whether USDe’s derivatives-based peg can remain resilient when market conditions shift—especially around futures funding dynamics—and how StablecoinX’s ENA treasury strategy performs as both crypto prices and stablecoin usage evolve.

Bitcoin (BTC) has bounced from overnight lows amid a renewed slide in Asian equity markets.

The leading cryptocurrency by market value traded at around $59,800 as of this writing, up 2.7% from the low of $58,206 hit Thursday, according to CoinDesk data. Still, prices are down over 5% this week and nearly 20% for the month.

“Bitcoin has pulled back into the $50–60K zone, and if history is any guide, this is where buyers step in,” Gabe Selby, head of research at CF Benchmarks, said.

Selby explained that this zone was first established as support in mid-2024, when prices consolidated in this range following the U.S. spot ETF launch rally, and it’s held through everything thrown at it since: the yen carry unwind, the election cycle, and every other high-time-frame retest.

Meanwhile, Asian stocks are under pressure, with South Korea’s Kospi index down 8% and Japan’s Nikkei losing 3%. The losses follow overnight risk aversion on Wall Street where shares in Apple and other Mag7 stocks cratered after announcing price hikes for laptops, tablets and other products citing rising costs.

Key Takeaways

• Google Finance has completed its beta phase and is now available worldwide following initial testing that started in August 2025.
• The platform debuts a standalone Android application featuring real-time market information, customizable watchlists, breaking financial news, and AI-driven explanations for stock price movements.
• Investors can now aggregate their entire investment portfolio into one unified dashboard through the web interface.
• A new AI-powered research assistant enables users to ask portfolio-related questions using everyday language.
• The iOS application will arrive later in 2026, with mobile versions of portfolio and automated task features rolling out progressively.

At the time of Thursday’s announcement, GOOG shares were down 1.21% to $340.85, while GOOGL declined 1.20% to $341.15.

Alphabet Inc., GOOGL

Google Finance has officially graduated from beta status, bringing with it a substantial suite of enhancements beyond simple cosmetic updates.

The revamped platform unveiled its standalone Android application on Thursday, accompanied by numerous new capabilities for desktop users — all accessible globally from launch day.

The Android application provides users with live market information, personalized watchlists, continuous financial news updates, and an AI-powered feature dubbed “Key Moments” that breaks down the reasons behind specific stock movements in real time.

This represents a direct challenge to established competitors like Yahoo Finance and trading platforms such as Robinhood, positioning Google directly within an increasingly competitive but high-demand market segment.

The company plans to release an iOS version before the end of this year.

Comprehensive Portfolio Management Arrives on the Web

The standout addition to the web platform is comprehensive portfolio management. Investors can now consolidate all their investment holdings in a centralized location, complete with performance metrics and detailed asset allocation visualizations in one streamlined dashboard.

Current Google Finance portfolio data will automatically transfer to the new system. Users can create new portfolios by importing CSV files, PDF documents, or screenshots — or alternatively by verbally describing their investments to the AI assistant.

After configuration, the built-in AI research assistant allows investors to pose questions such as “which market sectors am I lacking exposure in?” or “what impact would increasing my bond allocation have on my portfolio’s long-term performance?”

This represents a significant advancement beyond the rudimentary watchlist capabilities that most users previously relied upon.

Automated AI Briefings and Scheduled Tasks

Google Finance has also introduced an automated task system that operates continuously to provide scheduled market intelligence briefings.

Users configure these tasks using conversational language — such as “deliver a daily pre-market summary focused on technology stocks.” The system then compiles the requested information and sends the digest through the Google app or web interface according to the user’s specified timing preferences.

While seemingly modest, this feature offers practical value for investors seeking curated market intelligence without actively searching for information.

The web-based versions of these portfolio and automated task capabilities are currently available. Mobile applications will receive these features within the next several months, according to Google’s announcement.

Google initially launched testing of the redesigned AI-powered Finance platform in the United States during August 2025, subsequently expanding access to over 100 countries in April 2026 with localized language options.

Thursday’s announcement signifies the conclusion of the testing phase and represents the complete worldwide deployment of the enhanced platform.

TLDR:

• MemeCore $M token dropped 75% in one day, falling from $2.92 to $0.51 with no hack or exploit.
• Arkham data showed zero transfers above $50,000 on its native chain for over two weeks prior.
• Over 90% of $M supply was held by insiders, letting a small float set the price for billions. 
• Spot listings on Kraken and Bitget plus futures on Binance and Bybit extended the price distortion. 

The MemeCore $M token collapsed 75% in a single day, dropping from $2.92 to $0.51. The crash erased nearly $3 billion in value.

No hack, exploit, or announcement preceded the fall. On-chain data had been flashing warning signs for weeks, and blockchain investigator ZachXBT had flagged concerns as early as April.

A $14 Billion Valuation Built on $100,000 in Liquidity

The MemeCore $M token carried a fully diluted valuation of roughly $14 billion at its peak. Against that figure, Dexscreener recorded under $100,000 in real on-chain liquidity.

Arkham Intelligence showed zero transfers above $50,000 on its native chain for over two weeks. That gap between stated value and actual activity is what analysts call a ghost market cap.

A ghost market cap forms when insiders hold most of the token supply. ZachXBT reported that over 90% of $M supply was concentrated among insiders.

The tiny fraction available for trading set the price for the entire supply. A few parties trading at $3 marked billions in holdings at that same price.

The mechanism is straightforward. When illiquid tokens are priced off a tiny traded float, the market cap becomes theoretical.

Insiders could never sell their positions into a market that small without collapsing the price immediately. The valuation exists on paper but has no corresponding market depth to support it.

This structure is not unique to MemeCore. It is a recurring feature in tokens where teams retain the overwhelming majority of supply. The price remains stable only as long as no one tries to exit at scale. When that changes, the collapse is fast.

Exchange Listings Amplified the Gap Between Price and Reality

MemeCore secured spot listings on Kraken and Bitget before the crash. It also gained perpetual futures markets on Binance and Bybit, where leverage trading was available.

These listings gave the $M token credibility it may not have earned through organic on-chain activity. Centralized order books then became the dominant price-discovery venue.

Once a token trades on major exchanges, the on-chain liquidity becomes secondary. The order book sets the price, and traders reference that figure without examining what sits underneath. That dynamic held until it did not, and the exchange price was eventually dragged toward its on-chain reality.

ZachXBT noted after the crash that the red flags had simply caught up with the token. The warning signs were present for months before the price broke. The question, as he framed it, was only a matter of timing, not outcome.

The MemeCore $M token collapse illustrates how supply concentration and thin liquidity combine to create fragile valuations.

Exchange listings extend the lifespan of such structures but do not resolve the underlying mismatch. When price finally meets on-chain reality, the correction tends to be severe and swift.

1. Power over tokens: Why AI is changing crypto valuations

For a long time, the value of crypto companies was closely tied to traditional indicators such as trading volumes, digital asset holdings, mining income and assets under management.

Investors generally judged these firms by their exposure to Bitcoin, Ether and the broader growth of blockchain technology.

That view now appears to be changing.

In June 2026, shares of Galaxy Digital rose sharply as investors focused on a different part of the business: artificial intelligence infrastructure. The rally drew attention to a pattern taking shape in public markets. Some crypto companies are finding that Wall Street may value their access to power, land and data centers more than their traditional crypto activities.

This shift points to a bigger change in financial markets. As demand for artificial intelligence grows, the infrastructure needed to support AI models has become one of the world’s most valuable resources. In some cases, crypto firms already control the exact assets that AI companies want.

2. The Galaxy Digital rally that caught crypto investors off guard

Galaxy Digital has long been a major player in digital assets, with businesses across trading, asset management, venture investments and blockchain infrastructure.

Yet the driver of its recent share price increase was not Bitcoin prices, ETF inflows or wider crypto trading activity.

Instead, investors focused on the company’s Helios campus in Texas. The site is a major data center project being developed for artificial intelligence and high-performance computing.

Comments from Galaxy Digital’s management suggested that Helios could eventually make up a meaningful share of the company’s total value. Market observers appeared to agree. Instead of viewing Galaxy Digital only as a crypto firm, investors began to assess it as an AI infrastructure company.

The rally showed a clear change in how investors value some crypto businesses. A company built on digital assets suddenly gained market attention for its possible role in the AI sector.

Did you know? Bitcoin miners once competed for cheap electricity. Now AI companies are competing for the same resource. In many regions, access to power has become more valuable than access to graphics processing units (GPUs) themselves. Some utilities have reported years-long waiting lists for large AI data center projects seeking grid connections.

3. Why AI infrastructure is now so valuable

The rapid growth of artificial intelligence has created a new bottleneck. The main challenge is no longer just building more advanced AI models. It is also securing enough computing capacity to train and run them.

Modern AI systems need large numbers of GPUs, specialized networking equipment, advanced cooling systems and huge amounts of electricity. Building the sites that house this equipment is now one of the most expensive projects in the technology sector.

As a result, investors are paying more attention to the companies that provide this core infrastructure, not just the companies building AI applications.

Data centers have become essential tools for AI growth.

This explains the strong investor interest in infrastructure-focused companies. Businesses that control power supplies, grid connections and large computing sites hold assets that are difficult and expensive to copy.

To Wall Street, those qualities often point to long-term revenue potential and more stable financial returns.

4. Why some crypto companies are well positioned

Some crypto companies are well positioned because they already share key infrastructure needs with the AI sector.

At first glance, crypto operations and artificial intelligence may seem like completely different fields. Yet both depend on one essential resource: massive computing capacity.

Over time, Bitcoin mining operations and other crypto infrastructure businesses invested heavily in sites built for high power demand. They acquired suitable land, secured power supply agreements, installed advanced cooling systems and connected directly to electrical grids.

These same resources are now attracting interest from AI companies.

An AI data center is not the same as a crypto mining operation. Still, the two share several core requirements, including high electricity use, large physical sites and enough space for specialized equipment. This overlap has created an unexpected opportunity.

In some cases, AI operators can work with existing facilities that were first built for crypto. That can help them avoid the cost and delay of building new sites from scratch.

As a result, some crypto firms now hold valuable assets in the growing AI infrastructure market.

5. Helios and Galaxy Digital’s changing strategy

Galaxy Digital’s Helios campus shows how infrastructure originally tied to Bitcoin mining can be redirected toward AI computing. After acquiring the site from Argo Blockchain in 2022, Galaxy Digital began shifting Helios toward high-performance computing and AI data center services.  

That strategy gained more support when AI cloud provider CoreWeave entered into agreements tied to the site. Those deals suggested that major AI companies saw strategic value in the infrastructure. 

Long-term AI infrastructure agreements can create steady revenue streams that are easier to forecast than income from crypto trading. Instead of relying on sharp market swings, companies can secure cash flow through multi-year contracts.

That level of stability is attractive to public market investors.

Did you know? Training and running advanced AI models requires huge computing resources. That is pushing developers to search globally for locations with abundant and reliable energy.

6. The rise of crypto-AI hybrid companies

Galaxy Digital’s Helios strategy is not an isolated case. Across parts of North America, several crypto mining and digital infrastructure companies have started pursuing opportunities in AI hosting, cloud services and high-performance data center operations.

This points to a wider change in how financial markets classify these businesses. In the past, crypto companies were often viewed as high-risk businesses tied closely to digital asset prices.

Now, some investors are separating infrastructure assets from direct crypto exposure.

A company that controls hundreds of megawatts of power capacity may attract a different valuation approach than one that depends mainly on trading revenue. This has created a new type of business: the crypto-AI hybrid.

These companies remain active in digital assets, while more of their value comes from infrastructure that can support several industries.

7. Why Wall Street favors AI revenue

The market’s preference becomes clearer when looking at the economics of the two areas. Crypto revenues often vary sharply over time.

Trading volumes rise and fall with overall market sentiment. Asset management fees move with crypto valuations. Mining profits change based on network difficulty and token prices. By comparison, AI infrastructure revenue can look more like revenue from traditional utility or real estate businesses.

Companies sign multi-year contracts. Income becomes easier to predict. Financial forecasts become simpler to prepare. Institutional investors usually value this kind of consistency.

A long-term lease with an AI client often carries lower perceived risk than relying on future crypto market momentum. As a result, businesses tied to AI infrastructure can command higher valuation multiples.

This does not mean investors have turned away from crypto. Instead, they may see AI infrastructure as a more reliable base for future income.

8. Could the market be getting ahead of itself?

Even with the current optimism, there are still reasons to be cautious. The rise of AI infrastructure has created strong excitement, leading some analysts to question whether too much capacity could eventually be built.

Past technology booms offer many examples of early overinvestment. Railroads, telecommunications networks and early internet infrastructure all went through periods of excess development before demand caught up with supply.

AI infrastructure could face a similar risk if capacity grows faster than demand.

If demand grows more slowly than expected, some data center projects may struggle to reach the occupancy levels investors are now expecting.

Execution risks also remain. Converting facilities originally built for crypto into AI-ready sites requires major capital spending and specialized expertise. Not every company will manage that transition well.

Investors must therefore balance real opportunities against the risk of overexcitement.

Did you know? Companies building AI infrastructure are increasingly negotiating energy contracts directly with utilities, renewable power developers and even nuclear operators to secure long-term electricity supplies.

9. What this means for crypto investors

The impact reaches well beyond Galaxy Digital. Investors assessing crypto-related stocks may need to look beyond digital asset exposure.

Factors that once centered mainly on crypto now include infrastructure questions:

• How much power capacity does the company control?
• Does it own land in strategic locations?
• Can its facilities support AI workloads?
• Are major technology firms interested in leasing its infrastructure?
• How diversified are its revenue sources?

In some cases, these factors may matter as much as Bitcoin holdings or trading volumes.

This points to a changing valuation approach, where physical infrastructure carries more weight than digital assets alone.

10. The new reality: Power may matter more than crypto

Galaxy Digital’s share price increase highlighted a clear change in the market.

Wall Street is placing serious value on the infrastructure needed to power artificial intelligence. Data centers, reliable electricity supplies and computing resources have become strategically important assets.

Some crypto companies already control these resources after spending years building them for mining and blockchain operations. As AI demand grows, investors may begin to see these assets as more valuable than traditional crypto businesses.

For companies like Galaxy Digital, the path ahead may no longer depend only on Bitcoin, trading operations or asset management. The bigger source of value could be something more physical: access to power, land and the computing infrastructure needed to support the next wave of artificial intelligence.

StablecoinX has completed its merger with TLGY Acquisition Corp., giving the Ethena-focused stablecoin infrastructure firm a Nasdaq listing under the ticker USDE. 

The company said its public warrants will trade under USDEW from Friday, June 26, after the business combination closed a day earlier. The move turns a private Ethena infrastructure bet into a listed equity trade for public investors this week.

The listing gives public-market investors a direct route into StablecoinX’s Ethena strategy. 

“We believe Ethena has emerged as one of the most important platforms powering the next generation of digital dollars,” said CEO and chairman Edward Chen.

The company now enters public markets while demand for Ethena’s main synthetic dollar has cooled from last year’s peak.

ENA treasury anchors the plan

StablecoinX said it holds about 3.029b Ethena governance tokens, worth about $275m based on the 30-day ENA average used before closing. The holding represents about 20% of ENA’s total supply. The company also has about 24m publicly traded Class A shares outstanding after the transaction.

As previously reported, StablecoinX first outlined a $360m ENA treasury strategy in 2025. The plan later grew through more private financing, making ENA exposure central to the company’s story. That structure ties StablecoinX’s market value closely to Ethena adoption, ENA pricing and demand for USDe-related services.

USDe supply drop tests timing

USDe is Ethena’s synthetic dollar. It aims to hold a $1 value through crypto collateral and hedged futures positions, rather than cash reserves alone. The model can generate yield, but it depends on market conditions. When futures funding rates weaken or turn negative, the return engine can face pressure.

That pressure is visible in supply data. USDe circulating supply has fallen about 70% from its October peak above $14b to roughly $4.5b. Previously, crypto.news explored how USDe saw $1.1b in net outflows as the broader stablecoin market kept growing. The fall gives StablecoinX a tougher opening setup than the one Ethena had during last year’s expansion.

Infrastructure and regulation remain in focus

StablecoinX says its business has three parts. Its live decentralized verifier node checks cross-chain messages for Ethena across supported networks. It is also building Stablecoin Harness, a middleware stack for payment routing, bridging, liquidity access, treasury tools, reporting and compliance needs. Distribution services for institutions are also in development.

In a previous article, crypto.news discussed Coinbase Ventures buying ENA on the open market as Coinbase and Ethena prepared on-chain finance and savings products. As crypto.news reported, Jupiter Lend also added a USDe lending market with Bitwise. These links show Ethena is still building distribution, even as USDe supply has dropped.

StablecoinX’s debut also lands during a wider policy fight over stablecoin yield in the U.S. Yield-bearing stablecoins sit in a different legal area from plain payment stablecoins because they pass returns to holders. In our last update, crypto.news examined how yield-bearing stablecoins work and why the source of yield matters.

The company is entering Nasdaq with a clear Ethena bet, a large ENA reserve and several products still being built. Its early public trading may show whether investors want exposure to stablecoin infrastructure when USDe supply is lower, ENA remains far below its 2024 high and crypto market appetite remains weak.