StablecoinX Holds 20% of ENA Supply, Valued at $218M

StablecoinX controls 3 billion ENA tokens, representing 20% of total supply. The holding was valued at $218M, with the firm reporting a quarterly loss driven by token impairment.

Woofun AI reports that publicly listed StablecoinX holds approximately 3 billion ENA tokens, constituting roughly 20% of the total supply. The company commenced trading under the USDE ticker on June 26 following its merger with TLGY Acquisition Corp. Ethena Foundation transferred 284.95 million ENA to StablecoinX, while PIPE investors contributed approximately 2.75 billion tokens in cash and equity. Based on the June 30 closing price of $0.07204, these holdings carried a market capitalization of $218.4 million and a book value of $212.9 million. StablecoinX recorded a quarterly loss of $34.2 million, primarily due to $36.2 million in ENA impairment losses; adjusted losses stood at $188,200.

As of July 31, Ethena's USDe supply reached $3.9 billion, with cumulative protocol fees surpassing $800 million. By August 12, StablecoinX's decentralized verification nodes had processed over $3 billion in cross-chain transactions. The firm generated $62,372 in infrastructure revenue during the final two weeks of June and secured its first Harness client in July, outlining plans to expand distribution services by 2027.