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About StablecoinX
StablecoinX is a publicly traded company focused on the Ethena ecosystem. Its core business is holding a large ENA treasury (about 20% of total supply) and building infrastructure around it.
Its operations include three parts: 1) Infrastructure Services: running a Decentralized Verifier Node (DVN) that verifies cross-chain messages for Ethena, charging fees based on processed volume; 2) Stablecoin Harness: a middleware software platform that provides a single API for enterprises to integrate stablecoin payments, cross-chain bridging, liquidity aggregation, and compliance tools; 3) Distribution Services: helping traditional financial institutions access Ethena's digital dollar products.
The market pain point it addresses is fragmentation: over 300 stablecoins circulate across 60+ blockchain networks, forcing enterprises to manage multiple integrations and spend months of engineering work before processing a single transaction. StablecoinX aims to be the connective layer that simplifies this stack.
In the past six months (Feb-Aug 2026), StablecoinX completed its business combination with TLGY Acquisition and began trading on Nasdaq on June 26, 2026. It launched DVN operations in late June, which has verified over $3 billion in cumulative cross-chain volume and delivered 10,000+ messages. In July, it launched the initial phase of the Stablecoin Harness platform and signed its first client. The company generated $62,372 in revenue from Infrastructure Services in the last two weeks of June alone.
Based on the latest financial report (for the period ended June 30, 2026), StablecoinX reported Q2 revenue of $62,372 and a net loss of $34.18 million; H1 revenue was $63,038 with a net loss of $34.62 million. Adjusted non-GAAP net losses were $0.19 million and $0.63 million, respectively. The company holds approximately 3.0 billion ENA tokens valued at $218.4 million. Assessment: Revenue is minimal, with the business heavily reliant on token value; operational losses are small after adjustments, but exposure to token price volatility poses significant risk.
On June 25, 2026, StablecoinX completed its business combination with TLGY Acquisition and listed on Nasdaq as USDE/USDEW the next day. The company holds approximately 3.0 billion ENA tokens (~20% of total supply), making it Ethena's largest corporate holder; the treasury was valued at approximately $218.4 million at the end of Q2, or about $9.09 per share.
In Infrastructure Services, its Decentralized Verifier Node (DVN) surpassed $3.0 billion in cumulative verified cross-chain volume, generating $62,372 in revenue in the last two weeks of Q2. On July 2, it launched the initial phase of the StablecoinX Harness middleware platform, signed its first client on July 10, and opened the Design Partner Program. On September 9, it filed an amended S-1 with the SEC, outlining three business lines. Recently, it appointed Christopher Jensen, former Franklin Templeton digital-asset executive, as CEO, with former CEO Ted Chen moving to Chairman.
Future focus centers on three businesses: Infrastructure Services, Infrastructure Software (Harness), and Distribution Services planned for 2027 (providing indirect USDe exposure), to expand access to Ethena's digital dollar products, drive ecosystem growth, and narrow the discount between market cap and digital asset holdings.
Co-founders and key executives:
Ted Chen (Co-founder, Twitter: https://x.com/tedchenCPC) – Founder and CIO of Carnegie Park Capital, Managing Member of TLGY's sponsor. Previously Partner and Portfolio Manager at Water Island Capital, with 18 years in investment banking, research, and hedge fund investing.
Young Cho (CFO, LinkedIn: https://www.linkedin.com/in/young-cho-cfa-4590b112/) – CFA charterholder. Former CFO of Hedera Hashgraph and CIO of Abra. Spent 27 years in traditional finance and crypto, including roles at Citi and UBS on special situations credit desks.
StablecoinX (ENA Treasury Company) recently welcomed a new team member.
Christopher Jensen joined in September 2026 as CEO & Board Member. No departures recorded.