StablecoinX Secures Permanent ENA Unlock for October

The agreement, detailed in a Form 8-K filing signed by CFO Young Cho, aligns StablecoinX’s ENA release schedule with that of other major holders. By removing the 48-month contractual lock-up, the company gains significant flexibility over assets acquired during its business combination with TLGY Acquisition Corp. However, the waiver does not grant total autonomy. The Ethena Foundation retains consent rights over any lending, hedging, or pledging of these tokens, ensuring that the treasury remains unencumbered unless specific conditions are met.

To manage potential market impact, the parties established a formal funding framework. StablecoinX must provide five business days' notice before executing any sale of ENA intended to support working capital or strategic ecosystem development. During this window, the Ethena Foundation holds a right of first refusal to purchase the tokens directly. If the foundation declines, StablecoinX may proceed with an orderly sale, provided the transaction avoids disrupting the market. The company, which holds approximately 20% of the total ENA supply, must continue to balance these liquidity needs against regulatory requirements under the U.S. Securities Act.