StablecoinX Secures Permanent Waiver to End ENA Lock‑Up on Oct. 5

StablecoinX announced that a waiver signed with Ethena OpCo and the Ethena Foundation will permanently lift the 48‑month lock‑up on its ENA tokens, effective Oct. 5, 2026. The change aligns StablecoinX’s ENA unlock schedule with that of other token holders.

Waiver Details

The waiver eliminates all lock‑up, vesting and scheduled‑release restrictions on ENA held by StablecoinX and its subsidiaries. The parties signed the waiver on Sep. 14, and the filing was disclosed in a Form 8‑K on Sep. 17. Once effective, the restrictions cannot be reinstated.

Continued Controls on Token Use

Although the lock‑up is removed, StablecoinX must still obtain written consent from the Ethena Foundation before using ENA for sales, transfers, loans, hedges or other encumbrances. A five‑business‑day notice is required for any proposed funding sale, outlining use of proceeds, token amount, minimum price and execution method. The foundation may elect to purchase the tokens during this review period; if it does not respond, StablecoinX may proceed with the sale.

Impact on StablecoinX Treasury

At the end of Q2, StablecoinX’s treasury held roughly 3 billion ENA, about 20 % of the token’s total supply, valued at approximately $218 million based on the June 30 price of $0.07204. The company recorded $212.9 million in digital intangible assets after impairment.

Regulatory Context

The waiver does not affect existing U.S. securities law constraints, including Rule 144, affiliate status and any registration or listing requirements. StablecoinX’s shares trade on Nasdaq under the symbol USDE, giving investors indirect exposure to ENA.

Future ENA Sales Framework

Approved funding sales must be conducted in an orderly manner, with efforts to limit market disruption. Settlement may be in U.S. dollars, USDC, USDe or USDtb. The framework also covers share repurchases under a Rule 10b5‑1 plan, subject to foundation approval.