StablecoinX holds approximately 275 million USD worth of ENA, accounting for 20% of the total supply.
Foresight News reports that ENA treasury company StablecoinX, after completing a business merger with TLGY Acquisition Corp, disclosed that it holds approximately 3.029 billion ENA tokens. Calculated at the 30-day volume-weighted average price of $0.0909 for the two days prior to close, this equates to a value of about $275 million, representing around 20% of the total ENA supply. Based on fully diluted valuation, each share is valued at approximately $11.42, and there are currently about 24 million Class A common shares in circulation. StablecoinX has launched a decentralized validation node (DVN) serving as a cross-chain message verifier for the Ethena ecosystem and charges fees based on processing volume. The stablecoin middleware software “Stablecoin Harness” and the institutional stablecoin distribution service have not yet launched.
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