StablecoinX holds 20% of ENA's total supply, and its share price surges 12%

StablecoinX shares rose more than 12% to disclose 3 billion ENA reserves

StablecoinX shares rose more than 12% after the Nasdaq-listed company disclosed it holds 3 billion ENA tokens as reserves and announced its first quarterly earnings report since listing.

Summary

StablecoinX holds approximately 3 billion ENA tokens, accounting for approximately 20% of the total circulation. ENA reserves are valued at $218.4 million, or approximately $9.09 per Class A share. StablecoinX had a quarterly net loss of $34.2 million, mainly due to non-cash impairment losses. Infrastructure services generated US$62,372 in revenue in the last two weeks of June.

StablecoinX values ENA reserves at US$218.4 million.

StablecoinX said in its quarterly earnings report released on August 14 that as of the end of the second quarter, its ENA reserves totaled approximately 3 billion tokens, allowing the company to control approximately 20% of ENA's 15 billion in circulation. Based on ENA's closing price of $0.07204 on June 30, StablecoinX valued the position at $218.4 million. The company stated that based on the 24,029,375 Class A shares outstanding on the day, the reserve was worth approximately US$9.09 per share.

Approximately 284.95 million ENA tokens of this amount came from the Ethena Foundation as part of the consolidation of StablecinX's business. Cash and physical investments by private equity (PIPE) participants contributed an additional 2.75 billion tokens.

StablecoinX reported total assets at the end of the quarter of $232.6 million, including $18.9 million in cash and cash equivalents. It holds US$212.9 million in digital intangible assets on its balance sheet, mainly including ENA recorded at cost and provided for impairment.

Shares rose more than 12% in early U.S. trading on Friday after the earnings report. The market response comes less than two months after StablecinX completed its merger with special purpose acquisition company TLGY Acquisition Corp. According to reports, the business merger was completed on June 25, and StablecinX's Class A shares and public warrants began trading on Nasdaq the next day under the symbols USDE and USDEW, respectively.

Impairment of non-cash ENA leads to quarterly loss

For the three months ended June 30, StablecoinX recorded a net loss of $34.2 million, or $15.27 per share. The majority of the loss came from $36.2 million in impairment losses related to its digital intangible assets, rather than operating expenses. After excluding impairment and changes in the value of digital asset-related instruments and warrant liabilities, the company calculated a non-GAAP adjusted net loss of $188,204. StablecoinX used US$81,680 in cash for operating activities in the first half of 2026.

Revenue remains limited because the company's infrastructure operations did not begin to generate revenue until the end of the reporting period. StablecoinX earned US$62,372 in revenue from Infrastructure services in the last two weeks of June, and its other planned business lines did not report any revenue.

CEO Edward Chen described the quarter as StablecoinX's first reporting period as a listed company and said the completed merger opened the market's equity market channel to income-based digital dollar products. "As a listed company, our first quarter end reflects the successful completion of the business combination."

The company's ENA position closely correlates its asset values and reported performance to the market price of Ethena governance tokens. StablecoinX also pointed to ENA's volatility, changing regulatory environment and difficulties in launching planned products as risk factors that could affect its financial performance.

For U.S. investors, StablecoinX provides exposure through Nasdaq-listed stocks without the need to directly purchase or host ENA. Its listed company status also requires the company to disclose financial results and significant progress by filing documents with the U.S. Securities and Exchange Commission.

Infrastructure services have processed US$3 billion in transaction volume

In addition to token reserves, StablecinX also operates a decentralized verification node for checking and transmitting cross-chain messages for Ethena products. The company said that as of August 12, the node had verified more than 10,000 messages, and the cumulative cross-chain transaction volume exceeded US$3 billion. According to StablecinX, every message verified by the node was successfully delivered. Fees for Infrastructure services are based on processing volume rather than the number of individual transactions.

In July, the company launched its second business line through its StablecinX Harness middleware platform. The initial phase started on July 2, and eight days later StablecoinX signed up its first Harness customer. Harness is designed as a single application programming interface that allows companies to access payment routing, cross-chain bridging, liquidity, money management, and institutional reporting tools. StablecoinX also opens up applications for the Design Partner Program covering payments and agencies, blockchain networks and protocols, and institutional users.

The third business line-distribution services-is scheduled to be launched in 2027, depending on market and regulatory conditions. StablecoinX said the service will provide investors with indirect access to USDe and may generate distribution and management fees from deploying capital.

Ethena expands institutional access to USDe

StablecoinX's initial reserve plan began with the $360 million PIPE financing announced in July 2025. A further US$530 million financing disclosed in September brought committed PIPE funding to approximately US$890 million, with participants including YZi Labs, Brevan Howard, Susquehanna Crypto and IMC Trading. The financing agreement calls for part of the proceeds to be used to purchase locked ENA at a discount from the Ethena Foundation subsidiary. StablecoinX has also entered into a long-term cooperation agreement allowing it to purchase additional tokens directly from Ethena on agreed terms.

While this reserve gives StablecoinX a large position in Ethena's governance system, its operating plan relies on demand for USDe and other products related to the agreement. USDe uses crypto assets, hedging derivative positions and other supporting arrangements to maintain its target value, while holders of its pledge form, sUSDe, are rewarded.

According to StablecoinX, USDe supply has stabilized at approximately US$3.9 billion as of July 31. The mortgage ratio on the agreement was close to 101.7%, while sUSDe's annualized yield increased from 3.8% to 4.1% during July. Since its launch, Ethena has accumulated more than $800 million in agreement fees and allocated more than $750 million in ecosystem rewards.

Although USDe supply has dropped from previous peaks, institutional distribution continues. In June, BlackRock integrated USDe into the Aladdin platform, allowing financial institutions using its investment management platform to access the synthetic dollar through existing portfolios and risk systems. Coinbase also launched an Etha-based lending vault in June, allowing users to lend USDC through the Morpho Market, while Etha-related assets form part of the vault's collateral structure.

Ethena subsequently included FalconX in its institutional lending plan, which previously included agreements with Anchorage Digital, Maple Institutional and Coinbase Asset Management. Ethena's June governance report showed institutional borrowing was approximately $310 million, accounting for 6.9% of USDe's mortgage portfolio.