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StablecoinX Eyes Nasdaq Debut as USDe Supply Sits 70% Below Its Peak

6/26/2026

StablecoinX is set to list on Nasdaq this Friday, making a public-market bet on the Ethena ecosystem at a moment when Ethena's USDe stablecoin has lost 70% of its circulating supply from its October bull-market peak of $14 billion.

Supply Contraction Sets the Stage The on-chain picture heading into the listing is not flattering for the underlying protocol.

USDe, Ethena's flagship stablecoin, once topped $14 billion in circulating supply at the October bull-market peak. That figure has since contracted by 70%.

For a stablecoin, circulating supply is the most direct measure of real demand — it expands when users mint and compresses when they redeem.