StablecoinX Holds $218 Million ENA, Accounting for 20% of Total Supply

StablecoinX holds approximately 3 billion ENA, representing about 20% of the total supply of the token. The company began trading under the USDE code on June 26 after completing its merger with TLGY Acquisition Corp. The Ethena Foundation provided StablecoinX with 284.95 million ENA, while PIPE investors contributed approximately 2.75 billion ENA through cash and tokens. Based on the closing price of ENA at $0.07204 on June 30, the market value of this holding is $21.84 million, with a book value of $21.29 million. StablecoinX reported a quarterly loss of $34.2 million, including an ENA impairment charge of $36.2 million, resulting in an adjusted loss of $188,200. As of July 31, Ethena's USDe supply reached $3.9 billion, with cumulative protocol fees exceeding $800 million. As of August 12, StablecoinX's decentralized validation nodes have processed over $3 billion in cross-chain transaction volume. The company generated $62,372 in infrastructure revenue in the last two weeks of June and signed its first Harness client in July, planning to expand distribution services by 2027.