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Excited to officially announce the closing of our transaction and @stablecoin_x's first day of trading on Nasdaq under the ticker $USDE.
Based on the 30-day VWAP of $ENA ($0.0909), StablecoinX hold approximately $275 million of ENA valued at an estimatd $11.42 ENA per share.
Importantly, StablecoinX is the first public stablecoin infrastructure company focused on supporting the @ethena ecosystem with infrastructure services & software, USDe distribution services, and a multi-year ENA treasury strategy.
We are not just a "digital asset treasury" company. We are an operating business bringing software, services, and distribution to enhance utility and access to the Ethena ecosystem.
By helping increase Ethena’s ecosystem activity, we can drive incremental Ethena protocol revenue, increase ENA value, and accrue value to StablecoinX through its ENA treasury holdings.
We are excited for the pipeline of initiatives that we plan to announce shortly. Follow us and stay tuned for more.
Based on the 30-day VWAP of $ENA ($0.0909), StablecoinX hold approximately $275 million of ENA valued at an estimatd $11.42 ENA per share.
Importantly, StablecoinX is the first public stablecoin infrastructure company focused on supporting the @ethena ecosystem with infrastructure services & software, USDe distribution services, and a multi-year ENA treasury strategy.
We are not just a "digital asset treasury" company. We are an operating business bringing software, services, and distribution to enhance utility and access to the Ethena ecosystem.
By helping increase Ethena’s ecosystem activity, we can drive incremental Ethena protocol revenue, increase ENA value, and accrue value to StablecoinX through its ENA treasury holdings.
We are excited for the pipeline of initiatives that we plan to announce shortly. Follow us and stay tuned for more.
StablecoinX Inc. now trades on @Nasdaq under the ticker $USDE.
A regulated, transparent path into the @ethena ecosystem and the broader stablecoin economy, combining a public-market vehicle with deep
operational integration into the sector.
Nasdaq: $USDE
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Not surprising given how easy looping $USDe is now through @EthenaPay’s Earn+… one click!
As a reminder, looping USDe is simply taking a leveraged position to earn a higher APY. USDe is posted as collateral to borrow more cash, and that cash is used to buy more USDe. It’s akin to using margin on your stock portfolio to buy more stocks.
Excited to see what this looks like as caps are increased and more Ethena Pay users are onboarded.
$USDe everywhere.
As a reminder, looping USDe is simply taking a leveraged position to earn a higher APY. USDe is posted as collateral to borrow more cash, and that cash is used to buy more USDe. It’s akin to using margin on your stock portfolio to buy more stocks.
Excited to see what this looks like as caps are increased and more Ethena Pay users are onboarded.
$USDe everywhere.
Earn+ caps filled up in days.
We've just opened up more space. Now there's twice as much room for you to save with 12% APY.
Open the app → Earn+ → Add money
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Dammit @ethena. We literally just created this slide two days ago. Now we have to update it again.
USDe Proof of Reserves are typically provided on a weekly basis by 3rd party independent attestors including leading firms such Chainlink and Llama Risk.
Following the events that have unfolded in the last few hours, we have provided a Proof of Reserves which has been linked below this message.
Each of these independent 3rd parties mentioned above have confirmed USDe remains overcollateralised by more than $60m at >101.0%.
No USDe backing resides directly on Binance or any centralized exchange.
All funds are safe. Maximum transparency.
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When someone pinged me about the security incident related to Binance, I shrugged knowing @ethena keeps all collateral off exchanges with daily sweeps of PnL.
Yes there may be some intraday PnL risk, but not principal collateral risk tied to exchange losses.
Being in the business of money requires building trust. Risk management is at the core of building trust and @ethena continues to deliver on that key mandate.
Yes there may be some intraday PnL risk, but not principal collateral risk tied to exchange losses.
Being in the business of money requires building trust. Risk management is at the core of building trust and @ethena continues to deliver on that key mandate.
We are of a potential security incident related to Binance.
As a reminder all collateral with exposure to exchanges resides in off- exchange custodians, not directly with the exchange themselves.
As we learn more details on the incident we will provide updates here.
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Continued execution from @gdog97_ and the @ethena team.
Let me frame why this is important.
One of the key drivers for $USDe adoption has been its integration as a core collateral asset for many DeFi lending platforms like Aave and Morpho.
The logic is simple: if you can borrow dollars at a lower interest cost than the reward rate you receive holding USDe/sUSDe, you would put that spread on all day long until the lender caps you out - ie post USDe/sUSDe, borrow USDC, mint more USDe, rinse and repeat. CT calls this “looping” but in TradFi it’s simply leveraging up USDe.
The challenge with executing a looping strategy is that the availability of dollars to borrow is generally fragmented between different platforms, different chains, and different stablecoins. On top of that, borrow rates are dynamic, resulting in the need to manage your borrow costs in real-time, across all these various pools/chains/stables to ensure they never exceed the rewards received on USDe/sUSDe, a result of which would cause you to lose money from a negative effective spread.
Add to all of this, most of the global population doesn’t even know what or how to use a non-custodial wallet or how to connect it to these various platforms.
For a neobank to expand its TAM outside of crypto, it’s imperative that its features and UX are designed for the average joe. Simplifying the looping strategy via a one-click solution is just one example of @EthenaPay designing for the masses.
Importantly, simplifying the looping strategy for the masses, is essentially simplifying access to USDe for the masses.
Reduced friction = increased adoption
Excited to see all of these new distribution channels in action. The next bull market is going to be wonderful.
$USDe everywhere.
Let me frame why this is important.
One of the key drivers for $USDe adoption has been its integration as a core collateral asset for many DeFi lending platforms like Aave and Morpho.
The logic is simple: if you can borrow dollars at a lower interest cost than the reward rate you receive holding USDe/sUSDe, you would put that spread on all day long until the lender caps you out - ie post USDe/sUSDe, borrow USDC, mint more USDe, rinse and repeat. CT calls this “looping” but in TradFi it’s simply leveraging up USDe.
The challenge with executing a looping strategy is that the availability of dollars to borrow is generally fragmented between different platforms, different chains, and different stablecoins. On top of that, borrow rates are dynamic, resulting in the need to manage your borrow costs in real-time, across all these various pools/chains/stables to ensure they never exceed the rewards received on USDe/sUSDe, a result of which would cause you to lose money from a negative effective spread.
Add to all of this, most of the global population doesn’t even know what or how to use a non-custodial wallet or how to connect it to these various platforms.
For a neobank to expand its TAM outside of crypto, it’s imperative that its features and UX are designed for the average joe. Simplifying the looping strategy via a one-click solution is just one example of @EthenaPay designing for the masses.
Importantly, simplifying the looping strategy for the masses, is essentially simplifying access to USDe for the masses.
Reduced friction = increased adoption
Excited to see all of these new distribution channels in action. The next bull market is going to be wonderful.
$USDe everywhere.
This is one of the product releases you glance over and don't take seriously but you should. Earn+ will be one of the killer features for Ethena Pay that is almost impossible to compete with for dollar savings at scale.
I'd hope I'm within the top ~5% of DeFi power users, but I don't even spend the time and energy to optimize DeFi loops across multiple chains and lending markets which requires 24/7 attention.
This is a one-click access point to optimized levered USDe rewards with the capability to operate cross chain from a single vault with no management of debt positions required at all.
This is the highest unincentivized reward rate on dollars at multi-billion scale with a simple one-click user experience that has averaged ~10-15% APY even during the bear market, and much higher in the bull market.
Available exclusively on Ethena Pay 🌍.
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Another @ethena integration that expands $USDe reach and accessibility. 👏👏👏
This time with @wallet that, per 2025 reporting, has 500,000 new wallets created daily, 50m+ downloads, and over $45b in assets.
One-click USDe looping will reduce friction for new users ahead of the next crypto yield cycle, whether from crypto basis, equity basis, tokenized RWAs, or DeFi/Institutional lending.
$USDe everywhere.
This time with @wallet that, per 2025 reporting, has 500,000 new wallets created daily, 50m+ downloads, and over $45b in assets.
One-click USDe looping will reduce friction for new users ahead of the next crypto yield cycle, whether from crypto basis, equity basis, tokenized RWAs, or DeFi/Institutional lending.
$USDe everywhere.
USDe is now live on @XLayerOfficial and OKX @wallet, with one-click USDe looping in OKX Wallet coming soon.
The first USDe integration on X Layer is the @aave v3 instance allowing OKX wallet users to access USDe directly onchain.
This is the first time the millions of users on to access Ethena's product suite.
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Birds of a feather flock together.
Coinbase Ventures usually buys into private seed rounds. With @ethena, it bought $ENA on the open market.
The June 2026 purchase came with a deal to bring Ethena's USDe savings products to Coinbase users. Coinbase has been Ethena's custodian since 2024.
bsc.news/post/ethena-en…
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Goated mentality.
$ENA is genuinely a once in a lifetime coin.
The people are asleep at the wheel and would rather pick up pennies in front of a steam roller.
Don't be sleepy, you've come this far.
Spot. 3y time horizon.
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Another great quote from the @AcquiredFM podcast on $HD, this one about finding 100x companies and holding through volatility.
I'm not posting specifically about @ethena (which I do believe is a 100x opportunity). This could be for investors in $ASTS (who I know have started looking at $USDE), $CRWV or any one of the number of growth names that have drawn down last week.
This quote is specifically about Ken Langone's investment in @HomeDepot:
"I went and looked back at this, that little 5% he got at founding compounded 25% for nearly half a century. But you all know this, that the hard part is actually not about the stock picking. The hard part is in the holding.
So in 1985, and this is a great Arvind stat, I mean, longtime listeners know Worldly Partners, their whole thing is figure out what it takes to build a business that can 100x as a public company and then figure out how to have the stomach to stay with those companies through the downturns, because there are always massive drawdowns in these giant 100x companies. I mean, you look at Nvidia, you just have to weather through them and know enough about the business to believe that it's going to make it through. So in 1985, the stock [Home Depot's] was down 66%, and Ken didn't sell. Then in 2002, down 70%, and he didn't sell a share. Then 2008, the whole Nardelli situation, the housing bubble, and then again down 70%, he didn't sell. In fact, if you bought the shares at their peak in '99, your investment would've been underwater for a full 12 years until the stock recovered in 2012, but Ken still never sold.
The value is in the holding."
As an institutional investor for almost 20 years, my three key takeaways for readers are:
(1) If you are a trader, great, figure out how to sell high and buy low. But if you are wrong, you could be like they guy that bought $HD in '99 and underwater for 12 years. Be realistic about your ability to generate trading alpha.
(2) If you aren't a trader, ok too. Figure out what you want to own for the next 30 years. Buy it, hold it, and ignore the volatility. Own enough to be happy if it works, but sized appropriately for the drawdowns.
(3) If you want to figure out how to identify these 100x opportunities, start listening to the Acquired podcast. There is so much you can learn from history. Each podcast is about 2-3 hours in length, but the amount of information gleaned from those 2-3 hours is easily months worth of self research.
I'm not posting specifically about @ethena (which I do believe is a 100x opportunity). This could be for investors in $ASTS (who I know have started looking at $USDE), $CRWV or any one of the number of growth names that have drawn down last week.
This quote is specifically about Ken Langone's investment in @HomeDepot:
"I went and looked back at this, that little 5% he got at founding compounded 25% for nearly half a century. But you all know this, that the hard part is actually not about the stock picking. The hard part is in the holding.
So in 1985, and this is a great Arvind stat, I mean, longtime listeners know Worldly Partners, their whole thing is figure out what it takes to build a business that can 100x as a public company and then figure out how to have the stomach to stay with those companies through the downturns, because there are always massive drawdowns in these giant 100x companies. I mean, you look at Nvidia, you just have to weather through them and know enough about the business to believe that it's going to make it through. So in 1985, the stock [Home Depot's] was down 66%, and Ken didn't sell. Then in 2002, down 70%, and he didn't sell a share. Then 2008, the whole Nardelli situation, the housing bubble, and then again down 70%, he didn't sell. In fact, if you bought the shares at their peak in '99, your investment would've been underwater for a full 12 years until the stock recovered in 2012, but Ken still never sold.
The value is in the holding."
As an institutional investor for almost 20 years, my three key takeaways for readers are:
(1) If you are a trader, great, figure out how to sell high and buy low. But if you are wrong, you could be like they guy that bought $HD in '99 and underwater for 12 years. Be realistic about your ability to generate trading alpha.
(2) If you aren't a trader, ok too. Figure out what you want to own for the next 30 years. Buy it, hold it, and ignore the volatility. Own enough to be happy if it works, but sized appropriately for the drawdowns.
(3) If you want to figure out how to identify these 100x opportunities, start listening to the Acquired podcast. There is so much you can learn from history. Each podcast is about 2-3 hours in length, but the amount of information gleaned from those 2-3 hours is easily months worth of self research.
I'm a huge fan of the @AcquiredFM podcast. Their recent episode on @HomeDepot had a lot of quotes that resonate with how I feel about @ethena:
"Home improvement is just a massive category, way, way bigger than I realized. So here's a fun stat. Home Depot went public in 1981, one er. And astonishingly, if you put $1,000 into Home Depot and Apple and their IPOs and you held them all today, your investment in Home Depot would beat your investment in Apple."
➡️ The tokenization of all assets will reshape how global financial markets operate... its a "massive category" that many still don't realize.
"Part of the reason why it's a better investment than Apple since IPO...It went public at a tiny, tiny market cap...you could get in as a public shareholder at a $32 million valuation...even if you inflation adjust that, that's $122 million today. Just think about that. A company went public at a total market cap of $122 million. It had so much running room ahead of it...This is not Anthropic here where everybody knows them and they're giant."
➡️ Even with $ENA sitting at $0.20, the FDV of the ecosystem is ~$3B. Ethena has so much running room ahead of it and is still unknown to many outside of crypto.
"If you do the math, that $2 million from the initial Home Depot investor group bought 50% of the company in 1978. By not cashing out here at a 2x return, those investors, if they held to today, would have gotten well north of a 50,000x return on their capital."
➡️ Generational wealth comes from a long-term buy and hold strategy. Trading is fun, but if you want to retire early and fly around the world in a G700, find businesses that sets you up for that. Selling ENA 2x from the lows is missing the forest for the trees.
$USDe everywhere.
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I'm a huge fan of the @AcquiredFM podcast. Their recent episode on @HomeDepot had a lot of quotes that resonate with how I feel about @ethena:
"Home improvement is just a massive category, way, way bigger than I realized. So here's a fun stat. Home Depot went public in 1981, one er. And astonishingly, if you put $1,000 into Home Depot and Apple and their IPOs and you held them all today, your investment in Home Depot would beat your investment in Apple."
➡️ The tokenization of all assets will reshape how global financial markets operate... its a "massive category" that many still don't realize.
"Part of the reason why it's a better investment than Apple since IPO...It went public at a tiny, tiny market cap...you could get in as a public shareholder at a $32 million valuation...even if you inflation adjust that, that's $122 million today. Just think about that. A company went public at a total market cap of $122 million. It had so much running room ahead of it...This is not Anthropic here where everybody knows them and they're giant."
➡️ Even with $ENA sitting at $0.20, the FDV of the ecosystem is ~$3B. Ethena has so much running room ahead of it and is still unknown to many outside of crypto.
"If you do the math, that $2 million from the initial Home Depot investor group bought 50% of the company in 1978. By not cashing out here at a 2x return, those investors, if they held to today, would have gotten well north of a 50,000x return on their capital."
➡️ Generational wealth comes from a long-term buy and hold strategy. Trading is fun, but if you want to retire early and fly around the world in a G700, find businesses that sets you up for that. Selling ENA 2x from the lows is missing the forest for the trees.
$USDe everywhere.
"Home improvement is just a massive category, way, way bigger than I realized. So here's a fun stat. Home Depot went public in 1981, one er. And astonishingly, if you put $1,000 into Home Depot and Apple and their IPOs and you held them all today, your investment in Home Depot would beat your investment in Apple."
➡️ The tokenization of all assets will reshape how global financial markets operate... its a "massive category" that many still don't realize.
"Part of the reason why it's a better investment than Apple since IPO...It went public at a tiny, tiny market cap...you could get in as a public shareholder at a $32 million valuation...even if you inflation adjust that, that's $122 million today. Just think about that. A company went public at a total market cap of $122 million. It had so much running room ahead of it...This is not Anthropic here where everybody knows them and they're giant."
➡️ Even with $ENA sitting at $0.20, the FDV of the ecosystem is ~$3B. Ethena has so much running room ahead of it and is still unknown to many outside of crypto.
"If you do the math, that $2 million from the initial Home Depot investor group bought 50% of the company in 1978. By not cashing out here at a 2x return, those investors, if they held to today, would have gotten well north of a 50,000x return on their capital."
➡️ Generational wealth comes from a long-term buy and hold strategy. Trading is fun, but if you want to retire early and fly around the world in a G700, find businesses that sets you up for that. Selling ENA 2x from the lows is missing the forest for the trees.
$USDe everywhere.
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Follow the Acquired podcast for more awesome stories and history on great companies. You can listen to their recent $HD one here:
acquired.fm/episodes/home-…
acquired.fm/episodes/home-…
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PSA: MSCI update on index inclusion for non-operating companies only creates flowback issues for companies already included in the MSCI.
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❤️👇
you make 345% if $ENA doubles from here and stablecoinX reaches an mNAV of one
added a model to the dashboard that allows you calculate returns based off $ENA price and the StablecoinX multiple:
ethenadash.com/stablecoinx/?c…
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A digital asset treasury should be more than a passive vehicle for its ecosystem. Our CEO Christopher Jensen on how StablecoinX can serve as the institutional gateway between Ethena and TradFi: a two-way bridge that distributes Ethena's products into TradFi and connects new institutional users and capital into Ethena's expanding yield layer.
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Let this sink for a minute, but one of the best ways to get exposure to the massive growth opportunity in tokenized equities will be through $ENA
Equity markets: ~$127 trillion
Fixed income markets: ~$145 trillion
And it could all move on chain.
Head of Franklin Crypto @perkinscr97 explains why we’re still (extremely) early at @SALTConference
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