By Amit Chowdhry Today at 5:39 PM

StablecoinX’s cross-chain infrastructure has surpassed $3 billion in cumulative verified volume as the newly public stablecoin infrastructure company builds operating businesses around an ENA treasury representing approximately 20% of the token’s total supply.

The company’s Decentralized Verifier Node, or DVN, had verified and delivered more than 10,000 cross-chain messages as of August 12, with every verified message successfully delivered. Cumulative verified cross-chain volume exceeded $3 billion.

The infrastructure operation is already generating revenue. StablecoinX reported $62,372 of Infrastructure Services revenue during only the final two weeks of June, following the completion of its business combination with TLGY Acquisition Corporation on June 25. Its shares began trading on Nasdaq under the ticker USDE the following day.

StablecoinX is building a broader three-part business around Infrastructure Services, Infrastructure Software and Distribution Services. Management sees all three as mechanisms for increasing access, utility and network effects across Ethena’s digital dollar ecosystem.

The initial version of StablecoinX Harness launched July 2. The middleware platform is designed to consolidate stablecoin integration through a single API layer for enterprises and institutions, and the company signed its first Harness client on July 10.

StablecoinX also opened applications for a Design Partner Program covering Payments and Agents, Networks and Protocols, and Institutions and Ecosystem. Feedback from those partners is intended to help shape the Harness product roadmap ahead of broader availability.

The company plans to launch Distribution Services in 2027, subject to market and regulatory conditions, as another way to provide investors with indirect exposure to Ethena’s USDe digital dollar.

StablecoinX’s balance sheet provides significant direct exposure to the Ethena ecosystem. Its treasury held approximately 3 billion ENA tokens at June 30, consisting of roughly 285 million tokens contributed by the Ethena Foundation and approximately 2.75 billion contributed through cash and in-kind PIPE investments connected with the business combination.

At ENA’s June 30 closing price of $0.07204, those holdings had a market value of approximately $218.4 million, equivalent to about $9.09 for each of the 24.03 million Class A shares outstanding at quarter-end. StablecoinX says its position represents approximately 20% of the total supply of ENA.

Total assets were $232.6 million at the end of Q2, including $18.9 million of cash and equivalents and $212.9 million of digital intangible assets consisting primarily of ENA carried at cost less impairment.

The company’s strategy is based on the view that its treasury and operating businesses can reinforce one another. Increased utilization of Infrastructure Services, Harness and future Distribution Services could broaden access to Ethena products, while its large ENA position provides direct economic exposure to the ecosystem’s growth.

Ethena itself continues to broaden institutional and retail distribution. As of July, cumulative protocol fees exceeded $800 million and ecosystem rewards had surpassed $750 million. USDe circulating supply was approximately $3.9 billion at July 31.

The ecosystem has also expanded through integrations involving platforms including BlackRock Aladdin, Robinhood and Coinbase. StablecoinX’s exposure to those developments is through both its ENA holdings and its strategy of building infrastructure specifically around the Ethena ecosystem.

KEY QUOTES:

“Our first quarter end as a public company reflects the successful close of our business combination and our emergence as one of the first publicly traded companies providing public market investors and financial institutions with exposure to the growth opportunity in yield-bearing digital dollar products.”

“Through our holdings of ENA, the governance token of Ethena (one of the largest digital dollar issuers), StablecoinX addresses a key stablecoin investment narrative that public market investors have historically had limited access to: the growth opportunity of digital dollars as a store-of-value asset. Historically, more than half of M2 money supply was held in interest or yield instruments, representing a significant digital dollar category beyond a simple medium of exchange that GENIUS Act-compliant stablecoins are positioned to participate in.”

“Our goal is to expand access to the utility of Ethena’s digital dollar products, including its flagship USDe digital dollar, and we have made great progress towards that objective this quarter with the closing of our business combination with TLGY. Every additional dollar of USDe in circulating supply drives incremental revenue into the Ethena ecosystem, which is expected to benefit ENA token holders through an allocation of that revenue. As a 20% holder of the total supply of ENA tokens, StablecoinX and its shareholders stand to benefit through the expansion and growth of the Ethena ecosystem.”

Edward Chen, Chairman and CEO of StablecoinX

“Our ENA treasury and our operating businesses are designed to reinforce one another.”

“As adoption of our Infrastructure Services, Infrastructure Software, and Distribution Services businesses grow within the Ethena ecosystem, that activity can support the long-term value and strategic utility of our treasury position, while the treasury itself provides a long-term capital base aligned with the ecosystem in which we operate. Our operating businesses are designed to increase access to the Ethena ecosystem, which we believe will drive value for ENA token holders and, ultimately, StablecoinX. We remain focused on scaling all three of our business lines and narrowing the discount between the Company’s current market capitalization and the value of its digital asset holdings.”

Young Cho, CFO of StablecoinX