This Public Company Quietly Controls 20% of Ethena’s ENA Supply

The New York company disclosed the stake with results for the quarter ended June 30. StablecoinX started trading as USDE on June 26, one day after closing its merger with TLGY Acquisition Corp., turning a crypto treasury into a listed stock.

ENA is Ethena’s governance token, the asset used to vote on certain protocol choices and, under Ethena’s framework, potentially capture a share of ecosystem economics. In plain terms, StablecoinX is not merely building around Ethena. It now owns a seat at the table.

A Large Bet on Ethena

The Ethena Foundation supplied 284.95 million ENA tokens, while PIPE investors supplied roughly 2.75 billion more in cash and tokens through the merger. That is not a passive allocation. It is a concentrated wager on the project behind USDe.

At ENA’s June 30 closing price of $0.07204, StablecoinX put the treasury’s market value at $218.4 million. The balance sheet showed $212.9 million because accounting rules force the company to carry these digital assets at cost, less write-downs, rather than simply marking them to the market each day.

That accounting wrinkle is where the pain shows up first. ENA’s volatile price swings can create a paper loss even when the token count is unchanged. StablecoinX reported a $34.2 million quarterly loss, largely from a $36.2 million ENA impairment charge, while its adjusted loss was only $188,204.

USDe Links the Treasury to the Greenback

USDe aims to trade near $1, but it does not rely on the familiar reserve model of cash and Treasury bills alone. Ethena uses hedged crypto positions and other collateral, while sUSDe is the version that gives users access to rewards generated through the system.

The payoff math is clear. More USDe in circulation can mean more protocol fees, and Ethena says that growth is expected to support ENA holders through its revenue-allocation system. StablecoinX has effectively tied its listed equity story to that loop, continuing to work.

Ethena’s USDe supply reached $3.9 billion by July 31. It reported more than $800 million in cumulative protocol fees since launch and a backing ratio of about 101.7%, meaning its reported backing exceeded USDe outstanding at that point.

Those are the numbers investors will keep stress-testing. A surplus is not a permanent shield against funding stress, trading disruptions, regulatory action, or a sudden rush for the exit. ENA itself remains a volatile crypto asset, and its price can turn a treasury narrative into a balance-sheet nightmare quickly.

StablecoinX Builds Operating Businesses

StablecoinX is trying to show it is more than a stock-market wrapper for ENA. Its decentralized verifier node, which checks and relays messages between blockchains, had handled more than $3 billion in cumulative cross-chain volume through Aug. 12, according to the firm.

It also rolled out an early StablecoinX Harness platform, designed to give businesses one software connection for stablecoin functions instead of stitching together several services. The company booked $62,372 in infrastructure revenue during the last two weeks of June and signed its first Harness customer in July.

Management plans to add distribution services in 2027, if markets and regulators allow it. That unit is supposed to give investors indirect exposure to USDe, a goal that brings StablecoinX deeper into an industry where product design and regulatory approval can change the economics fast.

Stablecoin Investors Have a Listed Vehicle

StablecoinX gives stock investors a way to buy exposure to one crypto ecosystem without holding ENA directly. The trade-off is concentration: The treasury, corporate strategy and stock-market appeal all rise or fall with Ethena’s and USDe’s growth, ENA’s price, and the rules that govern stablecoins.

The next filings will show whether the operating business grows beyond an initial burst of infrastructure revenue, whether USDe keeps its users and staying power, and whether new rules alter the plan. Investors will also watch ENA holdings, fresh impairment charges and the widening or narrowing gap between the USDE stock price and its digital-asset treasury (DAT) strategy.