StablecoinX holds $218 million in ENA, representing approximately 20% of total supply

Odaily News: StablecoinX, a publicly listed company, disclosed in its latest operational report that it holds approximately 3 billion ENA tokens, representing about 20% of the token's total supply. The company began trading under the ticker USDE on June 26, following the completion of its merger with TLGY Acquisition Corp.

The Ethena Foundation provided 284.95 million ENA tokens to StablecoinX, while PIPE investors contributed approximately 2.75 billion tokens through cash and token allocations. Based on ENA's closing price of $0.07204 on June 30, the market value of this holding is $218.4 million, with a book value of $212.9 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 cumulative cross-chain transaction volume exceeding $3 billion. The company generated $62,372 in infrastructure revenue during the last two weeks of June and signed its first Harness customer in July, with plans to add distribution services by 2027. (Bitcoin.com News)