StablecoinX, the first publicly traded company built specifically around Ethena's ecosystem, disclosed holding approximately 3.0 billion ENA tokens at the end of the second quarter — roughly 20% of the token's total circulating supply. The Nasdaq-listed firm, trading under the ticker USDE, said the treasury was worth about $218.4 million at quarter-end.
In its own earnings release, the company reported total assets of $232.6 million as of June 30, including $18.9 million in cash and $212.9 million in digital intangible assets — largely the ENA holdings, carried at cost less impairment under standard accounting treatment for crypto assets held on a corporate balance sheet.
From SPAC Merger to Nasdaq Debut
StablecoinX began trading on Nasdaq on June 26, 2026, following a merger with SPAC vehicle TLGY, with its ENA treasury seeded by contributions from the Ethena Foundation and PIPE investors as part of the business combination. The structure mirrors a growing category of publicly listed “digital asset treasury” companies that give equity investors indirect exposure to a specific token without requiring them to hold it directly — a model popularized by Bitcoin-focused firms and now extending to altcoin ecosystems like Ethena's.
The company also reported that its Decentralized Verifier Node had surpassed $3.0 billion in cumulative verified cross-chain transaction volume since launch, delivering more than 10,000 cross-chain messages with a full success rate as of August 12 — an operational metric StablecoinX is using to argue it functions as active infrastructure for the Ethena ecosystem rather than a passive token holding vehicle.
Related: Plume, Shinhan Asset Management to Test KRW-Denominated Tokenized Fund
Concentration Risk Cuts Both Ways
Holding a fifth of ENA's circulating supply in a single, publicly disclosed treasury gives StablecoinX outsized influence over the token's float, a dynamic that can support price stability during calm periods but also concentrates risk if the company were ever forced to liquidate a meaningful portion of its position.
