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• Stripe for the Ethena digital dollar: Provides essential infrastructure and middleware to facilitate the use and integration of the Ethena digital dollar, much like Stripe provides payment infrastructure for fiat currencies.
• AWS for the Ethena digital dollar ecosystem: Offers foundational infrastructure services and software that enable the broader ecosystem around the Ethena digital dollar, similar to how AWS provides the building blocks for countless internet services.

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• Infrastructure services: These services provide the foundational framework and support for stablecoin operations within the Ethena digital dollar ecosystem.
• Stablecoin middleware software: This software acts as an intermediary, facilitating communication and operations between various components of the stablecoin ecosystem.
• Stablecoin distribution services: These services manage the dissemination and availability of stablecoins to users and platforms.

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Major Suppliers:

• Amazon.com, Inc. (AMZN)
• Microsoft Corporation (MSFT)
• Alphabet Inc. (GOOGL)

Edward Chen, Chief Executive Officer and Chairman

Mr. Chen brings 20 years of experience across investment banking, research, and public equity investing. He is the Founder and CIO of Carnegie Park Capital LLC, a New York-based asset manager primarily investing across the SPAC ecosystem. Mr. Chen previously served as Portfolio Manager at Water Island Capital LLC, an asset manager where he led the firm's long-short equity portfolios. Before that, he was a Managing Director at Jefferies LLC, leading the firm's U.S. Event Driven Strategy effort. He began his career in finance at Citi's Media & Telecom Investment Banking group.

Young Cho, Chief Financial Officer

Mr. Cho brings over 27 years of experience across traditional finance and digital assets. He previously served as CEO of TLGY Acquisition Corp., a Nasdaq SPAC. Mr. Cho is the Founder and CEO of Blockhouse Digital, a crypto-focused collateralized lending and yield-generation asset manager. His past roles include CFO of Hashgraph Foundry, CFO of Hedera, and concurrently as CFO and board member of Mount Rainier Acquisition Corp., a Nasdaq SPAC that completed a $1.2 billion acquisition of HUB Cyber Security in 2023. He also served as CIO of Abra, Executive Director at UBS Private Finance, and was a Co-founder and Managing Director of Newtonian Capital, an event-driven hedge fund in Hong Kong.

Ahmed J. Aly, Chief Technology Officer

Mr. Aly has served as StablecoinX’s CTO since June 2025. Prior to joining the company, he was the Founder and Director of Easeflow, a blockchain infrastructure-as-a-service company. He has 14 years of experience in blockchain technology, software engineering, and digital asset investment, and has advised multiple companies and family offices on blockchain strategy. Mr. Aly previously served as CTO of a crypto hedge fund.

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Key Risks to StableCoinX (USDE)

1. Dependency on the Ethena Ecosystem and the Stability of USDe: StablecoinX's business model is deeply integrated with and reliant on the Ethena digital dollar ecosystem and its primary product, USDe. The stability and success of USDe are subject to inherent risks, including "Funding Risk" associated with persistently negative funding rates in derivatives markets that could deplete its reserve fund, "Liquidation and Collateral Risk" from potential de-pegging of backing assets like stETH, and "Exchange Failure Risk" due to reliance on crypto-asset exchanges for its delta-hedging strategy. Any significant operational failure, de-pegging event, or loss of confidence in Ethena's USDe would severely impact StablecoinX's operations and financial viability.
2. Regulatory and Legal Uncertainty in the Stablecoin and Crypto Market: StablecoinX operates within a highly uncertain and evolving regulatory and legal landscape for crypto assets and stablecoins. The company faces "significant legal, commercial, regulatory, and technical uncertainty" that could affect its ability to develop and distribute its infrastructure and middleware services, especially as it aims to bridge to traditional financial institutions. Risks include potential changes in U.S. and foreign regulations, compliance with anti-money laundering (AML) and countering the financing of terrorism (CFT) rules, and the possibility of new restrictions that could increase operational costs or limit market access.
3. Operational and Execution Risks in Product Development and Market Adoption: While StablecoinX's infrastructure services are operational, key components of its business, such as the "Stablecoin Harness" middleware and institutional distribution services, are either newly launched or still under active development. There are significant "challenges in implementing StablecoinX's business plan" including successfully developing these offerings, driving meaningful institutional adoption of Ethena's digital dollar products, and generating consistent recurring revenues in a competitive market. Failure to execute on these development and adoption fronts could impede the company's growth and profitability.

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The primary emerging threat stems from StableCoinX's explicit focus on the Ethena digital dollar ecosystem. This concentration of business exposes StableCoinX to the significant inherent risks associated with Ethena's specific synthetic stablecoin model, including potential de-pegging events, loss of market confidence, or adverse regulatory actions specifically targeting non-fiat-backed or complex stablecoins. Any substantial failure or severe regulatory restriction imposed on the Ethena ecosystem would directly and fundamentally undermine StableCoinX's core business model and revenue streams.

StableCoinX Inc. (symbol: USDE) operates within several addressable markets related to stablecoin infrastructure, middleware, and distribution, with a specific focus on the Ethena digital dollar ecosystem.

Addressable Markets for StableCoinX (USDE)

The global addressable markets for StableCoinX's main products and services are substantial and projected to grow significantly:

• Global Stablecoin Market: The overall global stablecoin market, which StableCoinX's infrastructure, middleware, and distribution services support, was estimated at approximately $269 billion in circulation in 2025. This market is projected to grow to roughly $434 billion by 2028. More broadly, the global stablecoins market size was estimated at $166.3 billion in 2024 and is projected to reach $1023.6 billion by 2035, exhibiting a Compound Annual Growth Rate (CAGR) of 17.96% from 2025 to 2035. As of January 2026, the global stablecoin market had already crossed $310 billion in total market capitalization. The U.S. dollar-denominated stablecoin market, which makes up around 99% of the global stablecoin market, had grown to $225 billion by October 2025.
• Blockchain Infrastructure and Middleware Market (Global): StableCoinX's offerings in infrastructure services and stablecoin middleware software are part of the broader blockchain technology market. The global blockchain technology market size was valued at $57.7 billion in 2025 and is projected to grow to $9,055.5 billion by 2033, at a CAGR of 88.2% from 2026 to 2033. Specifically, the "Blockchain in Infrastructure Market" is projected to reach $110.24 billion by 2032, expanding at a CAGR of 26.11% from 2024 to 2032. The middleware segment within the blockchain technology market is also expected to record significant growth. The blockchain market by offering, which includes middleware/Web3 infrastructure, platforms, and services, is expected to reach $54.08 billion in 2026 and $610.96 billion by 2031, exhibiting a CAGR of 62.4%.
• Stablecoin Distribution Services (Global): StableCoinX's stablecoin distribution services can be contextualized within the cryptocurrency exchange platform market, which facilitates the trading and distribution of digital assets. This global market was valued at $37.16 billion in 2025 and is projected to grow from $41.33 billion in 2026 to $96.62 billion by 2034, at a CAGR of 11.2% during the forecast period of 2026-2034. The payments segment, a key use case for stablecoin distribution, leads the overall blockchain technology market, accounting for over 40% of global revenue.
• Ethena Digital Dollar Ecosystem: StableCoinX's focus on the Ethena digital dollar ecosystem means its addressable market is directly tied to the growth and adoption of Ethena's synthetic dollar, USDe. Ethena's USDe has achieved a market capitalization of approximately $4.01 billion to $6.15 billion across various platforms as of the current time. Ethena's USDe reached $10 billion in 500 days since its launch, making it one of the fastest-growing stablecoins in history.

Here are 3-5 expected drivers of future revenue growth for StableCoinX (USDE) over the next 2-3 years: 1. **Increased adoption and monetization of the Stablecoin Harness middleware software.** StablecoinX has recently launched its flagship infrastructure software platform, StablecoinX Harness, which aims to abstract the complexity of stablecoin operations for institutions. This middleware stack allows organizations to accept major stablecoins, convert balances into sUSDe for staking rewards, and route funds through a single integration. Future revenue growth is expected from the successful rollout to design partners and early integrators, driving recurring software and transaction revenues as institutional and enterprise use of USDe expands. 2. **Expansion of institutional distribution services.** StablecoinX offers institutional distribution services specifically aimed at promoting the adoption of Ethena's digital dollars, USDe and USDtb, within traditional financial markets and decentralized finance (DeFi). As stablecoins become foundational infrastructure for global payments and digital capital markets, the company's ability to onboard more institutional clients and facilitate the use of Ethena's products will be a key revenue driver. 3. **Growth of the Ethena digital dollar ecosystem.** StablecoinX Inc. is strategically focused on supporting and expanding the Ethena ecosystem, which includes its synthetic dollar USDe and regulated stablecoin USDtb. The overall growth in the circulation and utility of Ethena's digital dollars, driven by deeper integrations across derivatives exchanges, custodians, and DeFi platforms, will directly increase demand for StablecoinX's infrastructure services and distribution capabilities. 4. **Strategic utilization of the ENA governance token treasury.** StablecoinX holds a significant treasury of ENA tokens, representing approximately 20% of the total ENA supply. This multi-year Ethena governance token (ENA) treasury strategy, coupled with a long-term collaboration agreement with the Ethena Foundation, positions StablecoinX to benefit from the growth and value appreciation of the Ethena ecosystem. Revenue could be generated through various strategic initiatives related to this treasury, supporting the long-term expansion of Ethena's products and infrastructure.

Share Issuance

• StablecoinX Inc. began trading on Nasdaq on June 26, 2026, following its business combination with TLGY Acquisition Corp., resulting in approximately 24 million publicly traded Class A shares outstanding.
• As part of the business combination, on June 25, 2026, SC Assets issued and sold 1,813,164 shares of its Class B Common Stock to Ethena, which were then exchanged for an equal number of StablecoinX Class A Common Stock and Class B Common Stock.
• The company adopted the 2026 Stock Incentive Plan, reserving a total of 1,802,203 shares of StablecoinX Class A Common Stock for future issuance.

Inbound Investments

• StablecoinX secured approximately $890 million in Private Investment in Public Equity (PIPE) financing across two tranches.
• The PIPE financing included an initial round of approximately $360 million, announced in July 2025, with about $260 million funded in cash and $100 million in discounted ENA tokens.
• A second round of $530 million in PIPE financing followed in September 2025.

Outbound Investments

• StablecoinX's multi-year capital allocation strategy involves deploying capital to accumulate Ethena governance tokens (ENA).
• At the closing of the business combination, StablecoinX held approximately 3.029 billion ENA tokens, valued at approximately $275 million, which represents about 20% of ENA's total supply.
• The cash proceeds from the PIPE financing were specifically used to purchase discounted locked ENA from a subsidiary of the Ethena Foundation.

Capital Expenditures

• StablecoinX's primary uses of cash are expected to be for working capital, operating expenses related to developing infrastructure software and services, distribution services, and general corporate purposes.
• The company has commenced commercial operations in its Infrastructure Services business, including live validator operations and a DVN platform.
• Future acquisitions of additional ENA tokens are subject to contractual rights, market conditions, and the company's liquidity needs.