Background: StablecoinX Completes SPAC Merger, Reveals ENA Position
StablecoinX, a company focused on ENA treasury management, recently completed its business combination with special purpose acquisition company (SPAC) TLGY Acquisition Corp. Following the merger, StablecoinX filed a disclosure with the U.S. Securities and Exchange Commission (SEC) revealing its ENA token holdings for the first time. The filing provides detailed insight into the firm's core position within the Ethena ecosystem.
According to the SEC document, StablecoinX holds approximately 3.029 billion ENA tokens. Valued at a volume-weighted average price (VWAP) of $0.0909 over the 30 days prior to the two days before closing, these tokens are worth approximately $275 million, representing about 20% of ENA's total supply. On a fully diluted basis, the implied per-share value is roughly $11.42, with the company currently having about 24 million Class A ordinary shares outstanding.
Business Progress: DVN Launched, Stablecoin Middleware Not Yet Live
StablecoinX plays a significant role in the Ethena ecosystem. The company has launched a Decentralized Verification Node (DVN) that functions as an Ethena cross-chain message validator, charging fees based on the volume of messages processed. The launch of DVN establishes StablecoinX as part of Ethena's cross-chain infrastructure.
However, it is worth noting that StablecoinX's previously planned stablecoin middleware software, Stablecoin Harness, and its institutional stablecoin distribution service have not yet launched. Market participants are closely watching for further developments on these products, as they could further impact the liquidity dynamics of the Ethena stablecoin ecosystem.
Reference: SEC filing link (see bottom of article).