ENA Supply Acquires 20% of StablecoinX, Shares Surge by 12%

Shares of StablecoinX surged over 12% after the Nasdaq-listed firm revealed a 3 billion-token ENA treasury and published its initial quarterly results post-IPO.

StablecoinX values its ENA treasury at $218.4 million

In its quarterly results announced on August 14, StablecoinX indicated that its ENA treasury consisted of about 3 billion tokens at the close of the second quarter, giving it around 20% control over ENA’s total supply of 15 billion tokens.

Based on ENA’s closing price of $0.07204 on June 30, StablecoinX appraised this treasury at $218.4 million, equating to approximately $9.09 for each of the 24,029,375 Class A shares in circulation at that time, as per the company’s report.

Approximately 284.95 million ENA tokens were sourced from the Ethena Foundation as a result of StablecoinX’s business combination, with a further 2.75 billion tokens derived from cash and in-kind investments made by private equity investors.

At the end of the quarter, StablecoinX reported total assets of $232.6 million, which included $18.9 million in cash and equivalents. The balance sheet showed $212.9 million in digital intangible assets, primarily ENA recorded at cost after any impairments.

After the results were announced, shares rose over 12% in early U.S. trading on Friday. This stock movement occurred less than two months after StablecoinX finalized its merger with TLGY Acquisition Corp., a special-purpose acquisition company.

As reported by crypto.news in June, the business merger concluded on June 25, with the Class A shares and public warrants of StablecoinX beginning trading on Nasdaq the following day under the ticker symbols USDE and USDEW.

A non-cash ENA charge drove the quarterly loss

For the three-month period ending June 30, StablecoinX experienced a net loss of $34.2 million, which amounts to $15.27 per share. The majority of this loss was attributed to a $36.2 million impairment charge related to its digital intangible assets, not due to operational expenditures.

When excluding both the impairment and fluctuations in the valuation of digital asset-related instruments and warrant liabilities, the company identified an adjusted non-GAAP net loss of $188,204. Additionally, StablecoinX utilized $81,680 in cash for operational activities during the first half of 2026.

The revenue remains modest as the company’s infrastructure operations commenced income generation only toward the end of the reporting period. During the last two weeks of June, StablecoinX earned $62,372 from its infrastructure services, with no reported revenue from other planned business sectors.

Chief Executive Edward Chen characterized the quarter as StablecoinX’s inaugural reporting period as a public entity, noting that the completed merger had facilitated a pathway into yield-bearing digital dollar offerings within the stock market.

“Our first quarter end as a public company reflects the successful close of our business combination.”

The company’s alignment with its ENA holdings links its asset valuation and reported results closely to Ethena’s governance token market price. StablecoinX further acknowledged ENA volatility, shifting regulatory conditions, and challenges in launching its planned offerings as risks potentially impacting its financial outcomes.

For U.S. investors, StablecoinX allows exposure via Nasdaq-listed shares, alleviating the need for direct ENA purchases or custody. Moreover, its public status mandates regular disclosure of financial outcomes and significant developments through filings with the U.S. Securities and Exchange Commission.

Infrastructure services have processed $3 billion

In addition to its treasury, StablecoinX operates a decentralized verifier node responsible for checking and delivering cross-chain messages for Ethena products. As of August 12, the company reported that the node had verified more than 10,000 messages and surpassed $3 billion in total cross-chain volume.

StablecoinX confirmed that every message verified by the node has been successfully delivered. Fees for the infrastructure service are based on the volume processed, rather than the count of individual transactions.

In July, the company initiated a second business segment through its StablecoinX Harness middleware platform. The first phase launched on July 2, and within eight days, StablecoinX secured its first Harness client.

The Harness platform is designed as a singular application programming interface (API) that allows companies access to payment routing, cross-chain bridging, liquidity, treasury management, and institutional reporting tools. StablecoinX also opened applications for a design partner program to encompass payments and agents, blockchain networks and protocols, and institutional users.

A third business segment, Distribution Services, is slated for 2027, contingent upon market and regulatory conditions. StablecoinX noted that this service would provide investors with indirect access to USDe and has the potential to generate distribution and management fees from managed capital.

Ethena has expanded institutional access to USDe

The initial treasury strategy entailed a $360 million PIPE financing revealed in July 2025. Subsequently, a $530 million round announced in September brought the total committed PIPE funding to approximately $890 million, with participants including YZi Labs, Brevan Howard, Susquehanna Crypto, and IMC Trading.

The financing arrangements stipulated that part of the proceeds would be allocated to purchasing locked ENA at a discounted rate through an Ethena Foundation subsidiary. Furthermore, StablecoinX entered a long-term collaboration agreement, enabling it to acquire more tokens directly from Ethena under predetermined terms.

While the treasury grants StablecoinX significant governance power within Ethena’s system, the operational strategy hinges on demand for USDe and other affiliated products. USDe maintains its target value through a combination of crypto assets, hedged derivatives, and additional support mechanisms, while stakeholders in its staked version, sUSDe, are eligible for rewards.

By July 31, StablecoinX reported that the supply of USDe had stabilized at around $3.9 billion. The protocol’s backing ratio approached 101.7%, with the annual percentage yield on sUSDe rising from 3.8% to 4.1% during July. Ethena accumulated over $800 million in total protocol fees and distributed more than $750 million in ecosystem rewards since its inception.

Institutional distribution has persisted despite the drop from the prior peak in USDe’s supply. In June, BlackRock integrated USDe into its Aladdin platform, allowing financial institutions using the investment management system to access the synthetic dollar through existing portfolio and risk frameworks.

Coinbase also launched an Ethena-driven lending vault in June, enabling users to lend USDC via Morpho markets while integrating Ethena-related assets into the vault’s collateral composition.

Ethena has subsequently enrolled FalconX into an institutional lending initiative that already comprises agreements with Anchorage Digital, Maple Institutional, and Coinbase Asset Management. According to Ethena’s June governance report, institutional lending accounted for approximately $310 million, or 6.9% of USDe’s backing portfolio.