Woofun AI reports that StablecoinX holds approximately 3.029 billion ENA tokens following its merger with TLGY Acquisition Corp. Valued at a weighted average price of $0.0909, this position is worth roughly $275 million, constituting about 20% of the total ENA supply and equating to $11.42 per share on a fully diluted basis. The company currently has 24 million Class A ordinary shares in circulation.

StablecoinX has deployed decentralized verification nodes (DVNs) to verify cross-chain messages within the Ethena ecosystem, charging fees based on transaction volume.

However, the "Stablecoin Harness" middleware software and institutional stablecoin distribution services have not yet been launched.