StablecoinX has secured a permanent waiver ending the 48-month lock-up on its ENA holdings, the company disclosed in a Sep. 17 SEC filing, clearing the way for its roughly 3 billion ENA treasury — about 20% of the token’s total supply — to be freed from vesting restrictions on Oct. 5, 2026.
The Nasdaq-listed company, which trades under the symbol USDE with warrants as USDEW, said it signed the waiver letter with Ethena OpCo and the Ethena Foundation on Sep. 14, with changes taking effect Oct. 5 — the same date the Ethena Foundation previously set for releasing locked tokens held by other ENA holders.
What the waiver actually removes
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 acquired through private investment in public equity agreements tied to the company’s business combination with TLGY Acquisition Corp, which had carried a 48-month contractual lock-up with an installment-based release schedule.
The waiver language is sweeping: 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 protocol-wide distribution mechanisms also falls under the waiver when covered by the earlier purchase agreements. Crucially, once the waiver takes effect, the restrictions cannot return.
Sales still need Ethena Foundation consent
The unlock does not hand StablecoinX unrestricted control. Under the waiver letter, the company 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 a new funding framework.
That consent requirement covers sales and transfers as well as lending, hedging, pledging, collateralization, and other forms of encumbrance. Separate approvals may also be needed from StablecoinX’s board, investment committee, or Class B shareholders, and legal limits under the U.S. Securities Act, Rule 144, and listing requirements remain fully intact.
A five-day review process for funding sales
The parties also created a structured process for selling ENA to meet working capital or strategic needs tied to activities supporting the Ethena ecosystem. Any proposed funding sale requires written notice to the foundation at least five business days in advance, detailing how proceeds will be used, the maximum number of tokens involved, the minimum acceptable price, and the execution method — exchange, over-the-counter, market maker, or agency arrangement.
During the five-day review, the Ethena Foundation may elect to buy all or part of the proposed allocation itself, settling in U.S. dollars, USDC, USDe, or USDtb. If the foundation does not respond within the review period, StablecoinX may proceed, and cleared transactions must be completed within 60 days.
The agreement requires orderly execution, with commercially reasonable efforts to limit market disruption — including spreading sales over time or using OTC and agency arrangements. Eligible uses range from general working capital and strategic investments to corporate acquisitions, software development beyond StablecoinX Harness and its decentralized verifier node operations, and share repurchases under an approved Rule 10b5-1 plan.
A 20% supply question for the ENA market
The scale of StablecoinX’s holdings is what makes the waiver significant. The company’s treasury held approximately 3 billion ENA at the end of the second quarter — about 20% of total supply. Using ENA’s June 30 closing price of 0.07204 USD, the position was valued at 218.4 million USD, or roughly 9.09 USD per Class A share, with 212.9 million USD recorded in digital intangible assets after impairment.
The treasury strategy began with a 360 million USD ENA plan announced in July 2025, financed by 60 million USD in tokens from the Ethena Foundation and 260 million USD in cash for ENA purchases. After its Nasdaq debut in June 2026, the company reported holding roughly 3.029 billion ENA valued at 275 million USD using a 30-day volume-weighted average price.
Beyond holding tokens, StablecoinX operates a decentralized verifier node processing cross-chain messages for Ethena products. As of Aug. 12, the node had verified more than 10,000 messages representing over 3 billion USD in cumulative cross-chain volume.
For ENA traders, the Oct. 5 alignment matters because it puts StablecoinX’s massive allocation on the same schedule as the broader ecosystem unlock — but the foundation’s consent rights and the five-day funding-sale framework mean any actual selling will be gradual and monitored rather than a single dump. The disclosure, filed under Item 1.01 as a material definitive agreement and signed by CFO Young Cho, gives investors in both USDE shares and ENA itself the clearest picture yet of how this supply overhang will be managed.
3 billion ENA unlocking Oct 5 is roughly 20% of supply hitting the market and price is somehow flat today. ok then
sweeping waiver language in an SEC filing usually means someone wanted out fast. setting a reminder for oct 6
three weeks early on a 48 month lock with permanent language. nobody pays lawyers for optionality they never plan to use lol
A Nasdaq-listed company negotiating its way out of a 48-month lock-up three weeks before expiry is a wild look. The original deal existed for a reason.
three weeks early on a 48 month lock, they paid real legal firepower for that waiver. nobody does that for optionality they never plan to use
a nasdaq ticker called USDE holding 20 percent of ENA supply is quite the circular structure. etf-ification of everything
20% of supply freed and a flat chart just means the market treats foundation approval per sale as the real throttle. seen slow bleeds do more damage than cliffs anyway
3 billion ENA, 20 percent of supply, free to move oct 5 and people are calling this neutral news? thats a supply cliff with extra steps
flat price just means nobody believes 3B ENA sells at once. foundation approval per sale is the actual throttle here
cliff framing assumes everyone rushes the exit at once. per sale signoff turns it into a faucet, not a dam break
nah it still needs Ethena Foundation approval for actual sales, so more of a slow bleed setup than a cliff imo
The permanent part matters more than the date. Restrictions cannot return, so StablecoinX wanted full optionality on that treasury before the broader unlock lands the same day.