StablecoinX Holds About 20% of Ethena ENA Supply

StablecoinX reported it holds about 3 billion ENA tokens, equal to roughly 20% of Ethena’s total supply, following its Nasdaq merger and listing under the ticker USDE. The holding was disclosed in the company’s results for the quarter ended June 30.

The company said the ENA position arrived from two sources tied to the merger: the Ethena Foundation transferred 284.95 million ENA, and PIPE investors provided about 2.75 billion ENA through cash and token contributions. At ENA’s June 30 closing price of $0.07204, the tokens had a market value of about $218.4 million. StablecoinX’s balance sheet carried the assets at $212.9 million, reflecting accounting rules that record digital assets at cost less impairment.

StablecoinX reported a net loss of $34.2 million for the quarter, driven largely by a $36.2 million impairment charge related to ENA. The company reported an adjusted loss of $188,204 for the period. The accounting treatment produced a gap between the token market value and the book value shown on the balance sheet.

Ethena’s USDe stablecoin had $3.9 billion in supply as of July 31 and the protocol reported more than $800 million in cumulative fees since launch. Ethena backs USDe with hedged crypto positions and other collateral; sUSDe is a variant that provides access to protocol-generated rewards. The protocol reported a backing ratio of about 101.7% as of July 31.

StablecoinX is developing operating products alongside its token treasury. Its decentralized verifier node had processed more than $3 billion in cumulative cross-chain volume through Aug. 12. The company launched an early version of StablecoinX Harness to provide a single software connection for stablecoin functions; it recorded $62,372 in infrastructure revenue in the last two weeks of June and signed its first Harness customer in July.

The company plans to introduce distribution services in 2027 if market conditions and regulatory approvals allow; those services are intended to offer investors indirect exposure to USDe. Future quarterly filings are expected to report any changes in ENA holdings, further impairment calculations and the company’s progress in scaling its operating businesses and planned distribution services.