Christopher Jensen, a former digital asset executive at Franklin Templeton, has been appointed CEO of StablecoinX, placing him in charge of the public company that says it is the largest corporate holder of Ethena’s ENA token.
Jensen succeeds Ted Chen, who led StablecoinX through its public listing in June. Chen will remain chairman of the company’s board.
StablecoinX centers its business on the Ethena ecosystem
StablecoinX trades on Nasdaq under the ticker USDE and is focused on the Ethena ecosystem. Ethena issues USDe, a synthetic dollar that has nearly $4.4 billion in circulation and ranks as the fifth-largest stablecoin, according to DefiLlama.
ENA is Ethena’s governance token and gives holders voting rights over protocol changes. StablecoinX holds about 3.03 billion ENA, equal to roughly 20% of the token’s total supply. The company says that makes it the largest corporate holder of ENA.
Jensen previously worked in Franklin Templeton’s digital asset unit
Before joining StablecoinX, Jensen was a portfolio manager and director of digital asset research at Franklin Templeton. He helped build the firm’s digital asset group after it launched in 2018.
Franklin Templeton’s blockchain venture fund took part in Ethena’s seed round, which gave Jensen exposure to the protocol at an early stage.
Leadership change follows the launch of Ethena Pay
The appointment comes about a week after Ethena rolled out Ethena Pay, a self-custodial app that lets users spend, save and transfer USDe.
ENA has rebounded over the past month but remains lower on the year
According to CoinGecko, ENA is still down about 20% year to date. Even so, the token has rebounded sharply in recent weeks, rising more than 80% over the past month to trade around $0.16.
The original report also referenced a chart of ENA’s price over the past month, sourced from CoinGecko.