StablecoinX Secures Permanent Waiver for ENA Token Holdings
In a significant development, StablecoinX has obtained a permanent waiver concerning its ENA token holdings, marking the end of a 48-month lock-up period. This change, set to take effect on October 5, 2026, follows a formal waiver agreement signed with Ethena OpCo and the Ethena Foundation. The news was announced by StablecoinX on September 17 via a post on social media platform X, where they detailed the waiver documented in a Form 8-K submission to the U.S. Securities and Exchange Commission (SEC).
Details of the Waiver
The waiver eliminates all prior restrictions concerning lock-ups, vesting, and unlocking of ENA tokens, which were initially tied to StablecoinX’s investment activities, specifically in connection with the TLGY Acquisition Corp. At present, StablecoinX holds about 3 billion ENA tokens—equivalent to nearly 20% of the total ENA supply—valued at approximately $218.4 million based on recent market prices.
Previously, the company’s tokens were bound by a strict release schedule, which has now been rendered obsolete. The waiver explicitly states that Ethena OpCo and the Ethena Foundation have agreed to terminate any lock-up provisions on the ENA tokens related to previous buy agreements. Furthermore, the agreement stipulates that any ENA obtained through staking or distribution mechanisms will also be exempt from lock-up restrictions.
Regulatory Compliance and Token Management
Despite the removal of the lock-up, StablecoinX’s usage of these ENA tokens remains regulated. The company is required to manage the tokens as permanent treasury assets unless prior written consent is acquired from the Ethena Foundation before selling or encumbering the tokens in any capacity, including pledging and borrowing against them. Separate approvals may also be necessary from the company’s board or Class B shareholders.
Legal and regulatory obligations remain intact, particularly those that fall under the U.S. Securities Act and potential affiliate controls. U.S. investors should note that StablecoinX trades on Nasdaq under the ticker symbol USDE, providing indirect exposure to the governance token of Ethena without the need for physical ENA holdings.
Structured Sale Process and Market Strategy
In addition to lifting the lock-up, StablecoinX and the Ethena Foundation have agreed on a structured process for the sale of ENA tokens to support working capital and strategic initiatives associated with the Ethena ecosystem. This process requires StablecoinX to notify the foundation at least five business days prior to any token sale, detailing the intended use of proceeds, the number of tokens involved, and the minimum price acceptable. The Ethena Foundation retains the right to purchase the ENA at the stated price during this notice period.
The company is also obligated to execute transactions in a manner that minimizes market disruption, which could involve staggered sales or utilizing over-the-counter methods. With its recent emphasis on treasury strategy initiated in July 2025, including a well-publicized $360 million ENA plan, StablecoinX is positioning itself to maximize its assets while adhering to the newly established guidelines.
Additionally, the company is engaged in other Ethereum-related activities, such as operating a decentralized verifier node that has verified significant cross-chain transactions, further integrating its role within the broader blockchain ecosystem.
