StablecoinX Inc. exited its merger with Nasdaq with about 3 billion ENA tokens, an amount equivalent to roughly 20% of the total token supply.
The New York-based company disclosed this stake along with the results for the quarter ended June 30. StablecoinX began trading as USDE on June 26, one day after closing its merger with TLGY Acquisition Corp., turning a cryptocurrency treasury into a publicly traded company.
ENA is Ethena’s governance token, the asset used to vote on certain protocol decisions and, according to Ethena’s framework, could allow holders to earn a share of the ecosystem’s economic benefits. In simple terms, StablecoinX isn’t limited to operating around Ethena. Now it has a say in decision-making.
A BIG BET ON ETHENA
The Ethena Foundation contributed 284.95 million ENA tokens, while PIPE investors contributed approximately $2.75 billion more in cash and tokens through the merger. This is not a passive allocation, but a concentrated bet on the project behind USDe.
At ENA’s June 30 closing price of $0.07204, StablecoinX placed the treasury’s market value at $218.4 million. The balance sheet showed $212.9 million because accounting rules require the company to record these digital assets at cost, less amortization, rather than simply valuing them at market price every day.
This accounting quirk is where the problem first becomes apparent. Volatile swings in ENA’s price can generate an accounting loss even when the number of tokens does not change. StablecoinX recorded quarterly losses of $34.2 million, largely due to a $36.2 million ENA impairment charge, while its adjusted losses came to only $188,204.
USDE TIES THE TREASURY TO THE DOLLAR
USDe aims to trade near $1, but it is not based solely on the well-known model of cash and Treasury bills reserves. Ethena uses hedged cryptocurrency positions and other collateral, while sUSDe is the version that gives users access to the rewards generated through the system.
The numbers are clear. More USDe in circulation can translate into higher protocol fees, and Ethena says it expects that growth to benefit ENA holders through its income-distribution system. StablecoinX has effectively linked the trajectory of its listed share price to that cycle, and it continues to work.
Ethena’s USDe supply reached $3.9 billion as of July 31. The company reported more than $800 million in cumulative protocol fees since its launch and a backing ratio of around 101.7%, which means that the stated backing exceeded USDe in circulation at that time.
Those are the figures investors will keep putting through stress tests. A surplus is not a permanent shield against funding strains, trading halts, regulatory measures, or a sudden stampede to exit. ENA itself remains a volatile crypto asset, and its price can quickly turn a treasury narrative into a balance-sheet nightmare.
STABLECOINX DEVELOPS OPERATIONAL BUSINESS
StablecoinX is trying to prove that it is something more than a stock-market wrapper for ENA. Its decentralized verifying node, which checks and relays messages between blockchains, had handled more than $3 billion in cumulative cross-chain volume by August 12, according to the company.
It also launched a preliminary version of the StablecoinX Harness platform, designed to give companies a single software connection for stablecoin functions, instead of having to piece together multiple services. The company recorded $62,372 in infrastructure revenue during the last two weeks of June and signed its first Harness client in July.
Management plans to add distribution services in 2027, if markets and regulators allow. That unit is expected to give investors indirect exposure to USDe—an objective that pushes StablecoinX even further into a sector where product design and regulatory approval can quickly change the economics of the business.
STABLECOIN INVESTORS HAVE A LISTED VEHICLE
StablecoinX offers equity investors a way to gain exposure to a crypto ecosystem without having to own ENA directly. The trade-off is concentration: the treasury, corporate strategy, and stock-market appeal rise or fall depending on Ethena’s and USDe’s growth, ENA’s price, and the regulatory framework governing stablecoins.
The next information filings will reveal whether the operating business grows beyond the initial momentum from infrastructure revenue, whether USDe retains its users and resilience, and whether new rules alter the plan. Investors will also watch ENA holdings, new impairment charges, and whether the gap between the USDE share price and its digital asset treasury strategy (DAT) widens or narrows.
