StablecoinX, the treasury company of ENA, has disclosed its token holdings following the completion of its business combination with special purpose acquisition company TLGY Acquisition Corp. According to SEC filings, StablecoinX holds approximately 3.029 billion ENA tokens, valued at roughly $275 million based on the 30-day volume-weighted average price of $0.0909 from two days prior to the close, representing about 20% of ENA's total supply.
Holdings Detail and Valuation
On a fully diluted basis, StablecoinX is valued at approximately $11.42 per share. The company currently has about 24 million Class A common shares outstanding. This concentrated holding makes StablecoinX one of the largest single holders of ENA, posing potential implications for market liquidity and price stability.
Business Progress: DVN Live, Core Products Pending
StablecoinX has launched a decentralized verification node (DVN) that serves as a cross-chain message verifier for the Ethena ecosystem, charging fees based on processing volume. This node business provides security infrastructure for cross-chain communication. However, the company's planned stablecoin middleware software “Stablecoin Harness” and institutional stablecoin distribution services have not yet gone live. This means its main revenue stream currently relies solely on DVN node fees, while the stablecoin issuance and distribution business remains under development or awaiting regulatory approval.
Impact on Ethena Ecosystem and ENA Market
As a key participant in the Ethena ecosystem, StablecoinX's large holdings locked in the treasury reduce circulating supply in the short term, providing some price support for ENA. However, investors should watch for potential unlocking risks: if StablecoinX liquidates part of its holdings, it could create selling pressure in the market. Additionally, the launch of the DVN node generates revenue for StablecoinX in the cross-chain verification space. If Stablecoin Harness and distribution services eventually launch, they would bring more stable cash flows and further solidify its strategic position in the Ethena ecosystem.
Source: SEC EDGAR filing