How many StablecoinX shares can trade?

About 19.06 million of StablecoinX's 24.03 million Class A shares, or 79.3%, could trade freely on August 28, 2026, the company's resale prospectus of September 14 says. Shares that can trade freely are often called the float. StablecoinX is the Nasdaq-listed company behind the ticker USDE, and its Class A shares are the shares that trade there. Freely tradable, in the prospectus, means that any holder other than an affiliate could sell the shares without registering them. An affiliate is a person that controls the company, is controlled by it or is under common control with it.

Nearly all of the freely tradable shares came from a private placement in StablecoinX Assets Inc., here SC Assets, before the June 25, 2026 merger in which StablecoinX combined SC Assets with TLGY Acquisition Corp., a listed blank-check company. A blank-check company is a listed shell formed to merge with a private business. The other 4,965,722 Class A shares belonged to Ethena OpCo Ltd, an Ethena company that this review calls Ethena, to SC Assets' original shareholders and to TLGY's sponsors, directors and officers, which the filings call the TLGY Insiders and this review calls TLGY's insiders. The prospectus registered all 4,965,722 for resale. It says Ethena's 3,621,132 carry no contractual lock-up. Lock-up agreements hold the other 1,344,590 until December 25, 2026, according to the prospectus and the company's current report on the merger.

With 110,000 shares that the company awarded its directors on September 30, this site's StablecoinX dashboard counted 24,139,375 Class A shares on October 8. Of those, 22,684,785, or 94.0%, were either freely tradable or Ethena's registered shares.

USDE's volume over its first 73 sessions, from June 26 to October 8, came to 380,773,054 shares, 19.97 times the freely tradable count. On July 2, August 21 and August 27, a single session's volume exceeded that count. Volume counts a share each time it trades, so the same shares can be counted many times in a day, and the total does not show how many holders changed.

Class A shares have no vote except where Delaware law requires one. The votes sit with 3,157,754 Class B shares, which carry no right to dividends or to assets in a liquidation. On August 28 they belonged to the holders of the 4,965,722 registered merger shares, and Ethena held 57.42% of them. The share counts come from the prospectus, from that current report, which the company filed on Form 8-K and this review calls the 8-K, and from five director filings of October 2. Volume comes from S&P Global Market Intelligence through StockAnalysis, checked against Yahoo Finance.

The prospectus counted 19.06 million freely tradable shares

The prospectus gives the freely tradable count as approximately 19,063,653 and does not break it down. This review rebuilt it to the share from the merger's share table, which the prospectus reprints in the notes to its financial statements.

The private placement, which the filings call the PIPE, sold 20,775,272 SC Assets Class A shares to investors who paid in cash and in ENA, the Ethena protocol's governance token, which the company holds as its treasury. The merger exchanged each SC Assets Class A share for one StablecoinX Class A share. Ethena bought 1,807,968 of the placement shares, and the other 18,967,304 made up all but 96,349 of the freely tradable count.

Those 96,349 are what TLGY's public shareholders kept. The share table gives 635,939 Class A shares and 105,000 Class B shares from TLGY, which this review adds up to 740,939 shares for TLGY's shareholders after the merger. TLGY's insiders received 644,590 of them for their founder shares, the sponsors' own class of TLGY shares, and their private warrants, which TLGY's former sponsor bought for $1.00 each when TLGY first listed. That leaves 96,349 for the public holders who did not redeem their shares for cash. The table deducts 393,538 redeemed shares, while the 8-K reports 379,721 redeemed at about $13.35 each. This review follows the table, the version that adds up to the Class A count on the cover of the 10-Q, the company's quarterly report for the period to June 30, and to the prospectus's freely tradable figure.

Ethena, SC Assets' original shareholders and TLGY's insiders held the rest

The 4,965,722 shares outside the freely tradable count are the merger shares that the prospectus registered for resale. A resale registration lets the holders it names, the selling stockholders, sell under the prospectus without an exemption. The registration took effect at 4:00 pm on September 14, as that day's session closed. The same holders owned every Class B share, one for each Class A share they received at the merger, apart from the Class A shares that Ethena bought in the placement.

Ethena received 1,813,164 Class A shares and as many Class B shares for contributing 284,954,407 ENA, which the July 21, 2025 contribution agreement priced at $60 million, or $0.21056 a token. It also bought its 1,807,968 placement shares alongside the other investors. The prospectus says Ethena's shares carry no contractual lock-up, but that as an affiliate Ethena needs a registration or an exemption to sell them. The resale prospectus is that registration.

Edward Chen, now StablecoinX's chairman, and Young Cho, now its chief financial officer, formed SC Assets. On August 28 a trust of Chen's and Cho each held 323,750 shares, and a company owned by the chief technology officer held 52,500. SC Assets issued that company its shares for a license to its own node software and $22,500 in cash. TLGY's insiders handed in 5,449,700 founder shares and 11,259,500 private warrants at the merger for 644,590 Class A shares and as many Class B. Their agreement called for 3% of the Class A shares after the merger, and 644,590 is 2.68% of 24,029,375. The filings read for this review do not show how the number was set.

The prospectus and the 8-K say SC Assets' original shareholders and TLGY's insiders signed lock-up agreements that run until six months after the June 25 closing. That is December 25, 2026, a market holiday, so the first session after the lock-ups is December 28. The form of agreement in the merger prospectus ends the lock-up sooner if every stockholder gains the right to exchange its shares for cash, securities or other property. It also lets the board release holders early, provided it releases all of them to the same extent. The 1,344,590 locked shares equal three quarters of the median session's volume, 1,794,989 shares.

Rule 144, the SEC's exemption for selling shares without a registration, offers no other route before July 2, 2027. For a former shell company's securities the rule opens one year after the company files the information a new registrant would put on Form 10, provided it is current in its reports, and StablecoinX filed that information on July 2, 2026.

The directors' 110,000 shares also sit outside the freely tradable count. On September 30 the company awarded 22,000 restricted shares to each of five directors, and the awards vest in four equal quarterly steps from October 1, 2026. Separately, stock units, which are promises of shares to employees and consultants, vest on December 25, 2026 for holders still in service and would then add up to 78,635 shares. The prospectus registered those shares for resale too. The chief financial officer held 60,799 of the units on August 28.

USDE's volume came to 19.97 times the freely tradable count

Daily volume from S&P Global Market Intelligence, as StockAnalysis publishes it, added up to 380,773,054 shares over the 73 sessions. Yahoo Finance's daily volume added up to 380,817,400, or 0.01% more, and no session differed by more than 2.1%.

Three sessions traded more shares than the freely tradable count. July 2 traded 50,854,315 shares, 2.67 times the count, and USDE closed at $2.78. August 21 traded 98,971,190, or 5.19 times, and closed at $7.41. August 27 traded 21,667,372, or 1.14 times, and closed at $8.07. The median session traded 1,794,989 shares, 9.4% of the count.

From September 15, the first session after the resale registration took effect, to October 8, USDE traded 95,134,942 shares in 18 sessions. The filings read for this review do not show whether any selling stockholder sold in that time. Volume also includes shares bought and sold again within a day, so it cannot show how many of the placement investors still hold their shares.

Seven Form 13F reports listed 1.53 million shares at June 30

Investment managers with discretion over at least $100 million of the securities on an SEC list file Form 13F after each quarter, with their holdings on its last day. Seven listed StablecoinX Class A shares for June 30, 2026, the third day USDE traded. Together they reported 1,531,657 shares, 8.0% of the freely tradable count.

Only 1,034,966 shares traded from June 26 to 30. Had the seven managers bought every one of them and every TLGY public share, at least 400,342 of their shares would still have come from elsewhere, and the only other Class A shares were the placement's and the registered merger shares.

Form 13F reports for June 30 also listed 5,927,302 public warrants held by 27 managers, 51.5% of the 11,500,000. The reports are not a full count of holders, because individuals and smaller managers do not file them and a manager reports only the quarter's last day. Reports for September 30 are due by mid-November.

Class B shares hold the votes

StablecoinX's Class A shares have no vote except where Delaware law requires one, until no Class B share remains. Each Class B share has one vote and no economic rights, which means no dividends and nothing in a liquidation, and Class B shares are neither listed nor freely transferable. The prospectus gave the Class B holdings on August 28.

The officers' and directors' votes are the 700,000 of SC Assets' original shareholders and 396,130 held by two former TLGY sponsor funds managed by Carnegie Park Capital, where the chairman is managing partner. TLGY's former chairman managed TLGY's sponsor and its parent company and was trustee of a family trust. Nothing in the charter or bylaws ties a holder's Class B shares to its Class A shares, so under those documents a holder that sells Class A keeps its votes. The bylaws let a Class B share pass only to the company or to a holder's affiliate, family or wholly owned company, and the charter lets a holder forfeit Class B shares for nothing at any time. The prospectus also says Ethena would forfeit its Class B shares for nothing if its agreement with the company ended. The passage sits in its description of the collaboration agreement but names the contribution agreement.

Under the company's collaboration agreement with Ethena, a change of the company's business, or a merger or disposal that would change it, needs the approval of the company's investment committee and of a majority of the Class B holders. The lock-up waiver review covers what that means for sales of the company's ENA.

Holders of more than 5% of a class of stock registered under the Securities Exchange Act, as every listed class is, report it on Schedule 13D or 13G, and SEC Rule 13d-1(i) leaves classes of non-voting securities out of those reports. The prospectus labels Class A non-voting, and whether Class A counts as non-voting under the rule is a legal question this review does not settle. A full-text search of EDGAR, the SEC's filing system, found no Schedule 13D or 13G mentioning StablecoinX through October 8. The prospectus table, dated August 28, was therefore the latest public count of large Class A holders. Counting warrants they could exercise within 60 days, the only holders of more than 5% of Class A that it listed were Ethena, the chairman with his funds and TLGY's former chairman.

What can change the count

Sales by the holders of the registered merger shares move shares into the freely tradable count without changing the Class A total. A share sold under the resale prospectus trades freely in the buyer's hands.

Warrant exercises add Class A shares. The 11,500,000 public warrants trade as USDEW, each exercisable for one share at $11.50, and the 7,624,586 sponsor warrants are exercisable at $11.50 and $15.00. The prospectus registers the Class A shares that all of these warrants are exercisable for, and it registers the sponsor warrants' shares for resale as well. The warrant guide explains the terms. No filing read for this review reported an exercise after August 28.

Equity awards add shares when the company grants or settles them. The directors' 110,000 shares are already in the October 8 count, and vesting only lifts their restrictions. The stock units add 78,635 shares when they settle, and the 2026 stock plan reserved 1,802,203 shares in all.

The lock-ups end and the stock units vest on December 25, 2026. Rule 144 becomes available no earlier than July 2, 2027.

What this review could not check

This review could not identify the placement investors who held shares after June 30. The filings read here do not name them, and Form 13F covers only some of them.

It could not tell whether any selling stockholder sold, pledged or hedged shares after September 14, or whether any holder exercised a warrant after August 28.

It could not confirm who signed the lock-up agreements. The prospectus says the Sellers, the former holders of SC Assets Class B, and certain TLGY Insiders signed them, and by that definition the Sellers would include Ethena. Its risk factors say Ethena's shares carry no contractual lock-up, and the merger prospectus lists Ethena apart from the Sellers. The resale prospectus's offering summary says only that the selling stockholders' shares are subject to the applicable lock-up periods.

The filings disagree on three small points. The redemption counts differ by 13,817 shares, two footnotes give one sponsor fund 2,999,689 warrants where its totals imply 2,000,689, and the prospectus's Rule 144 paragraph names another company. None changes the count the share table gives.

It could not tell whether USDE was on the SEC's list of 13F securities for June 30, which decides whether a manager had to report it. Volume includes shares sold short, and no source used here shows short interest.

Reproduce the numbers

The share counts come from the resale prospectus, the 8-K, the director filings of October 2 and the merger prospectus of February 17, 2026. The Form 13F rows come from the reports for June 30 that list StablecoinX's Class A shares or public warrants. The main script rebuilds the freely tradable count from the share table, adds up the selling stockholder table, checks the Class B split against the prospectus's percentages and computes the volume figures, and it stops if any check fails. Download the holder groups, the daily volume, the volume by month, the Form 13F holdings, or the calculation files and source inputs.

freely tradable   = placement shares − Ethena's placement shares + TLGY shares kept by public holders
                  = 20,775,272 − 1,807,968 + 96,349 = 19,063,653
TLGY public kept  = TLGY Class A + TLGY Class B in the share table − shares retained by TLGY's insiders
                  = 635,939 + 105,000 − 644,590 = 96,349
times traded      = volume, June 26 to October 8 ÷ freely tradable count
                  = 380,773,054 ÷ 19,063,653 = 19.97

The methodology page defines the dashboard's per-share figures, which divide by every Class A share, freely tradable or not.

Analysis of public filings and market data. Not investment advice.

Related research: Read the separate FINRA short-interest review through September 30.

Follow-up published October 12: The TLGY redemption review traces all six votes and examines the 13,817-share difference.