StablecoinX shares rose 12% in early US trading sessions on Friday, right after the company disclosed a holding of 3 billion ENA tokens on its Q2 2026 balance sheet. This figure represents 20% of the total circulating supply of 15 billion ENA tokens.
This holding appeared in the company’s inaugural financial report (Nasdaq: USDE, USDEW) after completing a merger with SPAC TLGY Acquisition Corp on June 25, 2026. Their public shares and warrants began trading on Nasdaq the following day. Of the total token holdings, 284.95 million tokens came from the Ethena Foundation as a business combination portion, while the remaining 2.75 billion were injected by a PIPE investor group.
However, this surge in stock price comes at a time when their revenue engine is actually just starting to spin.
Behind-the-Scenes Infrastructure
The financial report shows that StablecoinX only generated $62,372 in revenue from infrastructure services during the final two weeks of June. This income was the company’s sole revenue source throughout the reporting period. Meanwhile, they utilized $81,680 in cash for operating activities during the first six months of 2026, with an adjusted non-GAAP net loss - excluding impairments and instruments - recorded at $188,204.
CEO Edward Chen stated that this quarterly report marks their first step as a public entity, while opening a path for the stock market to yield-bearing digital dollar products. Currently, the company operates a decentralized verification node that checks and transmits cross-chain messages for various Ethena products. As of August 12, this node has verified more than 10,000 messages with a volume reaching the $3 billion threshold.
New Engines and Institutional Adoption
The company has begun activating new revenue streams with the launch of the StablecoinX Harness middleware. Eight days after its initial phase launch on July 2, 2026, the first client signed a usage agreement. This system provides a single API access point to various services ranging from payment routing, bridging, liquidity, treasury management, to institutional reporting. In 2027, they are preparing to launch Distribution Services to provide indirect access to USDe for investors - a step whose execution is still subject to market conditions and regulations, but holds the potential to collect distribution and management fees.
This expansion runs parallel to the entry of the USDe ecosystem into institutional corridors. In June 2026, BlackRock integrated USDe into its Aladdin platform, followed by Coinbase introducing Ethena-based lending services. Ethena itself added FalconX to its institutional lending program. This lending program was previously joined by Anchorage Digital, Maple Institutional, and Coinbase Asset Management, supporting a collateral portion of $310 million or 6.9% of the total USDe backing portfolio, according to the June governance report.
For market participants, the presence of one-fifth of ENA’s supply in the vaults of a single public company brings a new reality. The future liquidity and value of ENA will not simply respond to sentiments of the decentralized space, but are tied to the balance sheet resilience of a Wall Street entity.
Reported from crypto.news.
Read also: What Is DeFi (Decentralized Finance)?
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
