StablecoinX has secured a permanent waiver ending the 48-month lock-up on its ENA holdings from Oct. 5, 2026, while leaving separate controls on token sales in place.
Summary
- Oct. 5 will bring StablecoinX’s ENA holdings onto the same unlock schedule as other holders.
- The waiver removes lock-up, vesting, and scheduled-release rules covering the company’s ENA.
- StablecoinX must provide five business days’ notice before using ENA for an approved funding sale.
- Ethena Foundation retains consent rights over sales, transfers, loans, hedges, and other uses of the tokens.
StablecoinX ENA restrictions will end on Oct. 5
StablecoinX said in a Sep. 17 X post that it had filed a Form 8-K detailing a waiver signed with Ethena OpCo and the Ethena Foundation.
Under the SEC filing, the parties signed the waiver letter on Sep. 14, with the changes scheduled to take effect on Oct. 5.
The agreement permanently removes all lock-up, vesting, and unlocking restrictions on ENA held by, or due to be delivered to, StablecoinX and its subsidiaries. Covered tokens include ENA that the company acquired through private investment in public equity agreements linked to its business combination with TLGY Acquisition Corp.
A 48-month contractual lock-up and its installment-based release schedule had previously applied to tokens purchased under those agreements. Once the waiver takes effect, the released restrictions cannot return, according to the waiver letter.
The document states that Ethena OpCo and the foundation will “waive, release and terminate each and every Lock-Up applicable to the Subject Tokens.”
ENA obtained through staking or a protocol-wide distribution mechanism will also fall under the waiver when covered by the earlier token purchase agreements. Oct. 5 matches the date that the Ethena Foundation previously announced for the release of locked tokens held by other ENA holders.
ENA sales still require Ethena Foundation consent
Removing the lock-up does not give StablecoinX unrestricted control over how it uses the ENA.
According to the waiver letter, StablecoinX must continue holding the tokens as permanent, unencumbered treasury assets unless it receives prior written consent from the Ethena Foundation or completes a sale under the new funding framework.
The requirement covers sales and transfers as well as lending, hedging, pledging, collateralization and other forms of encumbrance. Separate approvals may also be required from StablecoinX’s board, investment committee or holders of its Class B shares.
Legal and regulatory limits remain unaffected. The agreement specifically preserves restrictions arising under the U.S. Securities Act, Rule 144, affiliate status and any applicable registration or listing requirement.
For U.S. investors, the disclosure is material because StablecoinX trades on Nasdaq under the symbol USDE, while its public warrants trade as USDEW. Its shares give stock-market investors indirect exposure to Ethena’s governance token without requiring them to buy or hold ENA directly.
StablecoinX filed the agreement with the U.S. Securities and Exchange Commission under Item 1.01, which covers entry into a material definitive agreement. Chief Financial Officer Young Cho signed the Form 8-K on Sep. 17.
Funding sales must follow a five-day review
Alongside the permanent unlock, the parties created a process through which StablecoinX may sell ENA to meet working capital or strategic needs tied to activities supporting the Ethena ecosystem.
A proposed funding sale requires StablecoinX to send the foundation written notice at least five business days before the planned transaction. The notice must explain how the proceeds will be used, identify the maximum number of tokens involved, and state the minimum acceptable price.
StablecoinX must also disclose how it plans to execute the sale, including whether it will use an exchange, an over-the-counter transaction, a market maker, or an agency arrangement. Any firm third-party offer must appear in the notice.
During the five-day review, the Ethena Foundation may elect to buy all or part of the proposed ENA allocation at the stated price. Settlement may occur in U.S. dollars, USDC, USDe or USDtb, depending on the terms agreed by the parties.
If the foundation neither responds nor exercises its purchase right within the review period, StablecoinX may proceed with a qualifying funding sale. Cleared transactions must be completed within 60 days, after which the company must issue another notice.
The agreement requires StablecoinX to conduct each sale in an orderly manner and use commercially reasonable efforts to limit disruption to the ENA market. Possible methods include spreading sales over time or using over-the-counter and agency arrangements.
Ethena Foundation may request further discussions if it reasonably determines that a proposed transaction is unrelated to an approved activity, could disrupt an orderly ENA market, or may breach a law or existing agreement. Such discussions can last no more than another five business days.
Eligible uses include general working capital, strategic investments, corporate acquisitions, and software development beyond StablecoinX Harness and its decentralized verifier node operations. The framework also covers share repurchases conducted under an approved Rule 10b5-1 plan, provided the foundation has received and approved the plan and the company has met its disclosure duties.
StablecoinX holds about 20% of ENA supply
StablecoinX’s treasury contained approximately 3 billion ENA at the end of the second quarter, equal to about 20% of the token’s total supply, crypto.news reported in August.
Using ENA’s June 30 closing price of $0.07204, the company valued the position at $218.4 million, or about $9.09 for each of its 24,029,375 Class A shares then outstanding. StablecoinX recorded $212.9 million in digital intangible assets after accounting for impairment.
The company’s treasury strategy began with a $360 million ENA plan announced in July 2025. The financing included $60 million in tokens from the Ethena Foundation and $260 million in cash intended for ENA purchases.
Following its Nasdaq trading debut in June 2026, StablecoinX reported that it held approximately 3.029 billion ENA, valued at $275 million using the 30-day volume-weighted average price applied before the transaction closed.
Beyond its token holdings, StablecoinX operates a decentralized verifier node that processes cross-chain messages for Ethena products. As of Aug. 12, the company said the node had verified more than 10,000 messages representing over $3 billion in cumulative cross-chain volume.
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