Nasdaq-listed company StablecoinX has completed management adjustments. The company disclosed that former Franklin Templeton digital assets business executive Christopher Jensen has taken on the role of CEO, replacing Ted Chen. The latter will continue to serve as the chairman of the board of directors.
Holds approximately 20% of the ENA supply.
The business of StablecoinX is highly integrated with the ecosystem of Ethena. The company disclosed that it currently holds approximately 3.03 billion ENA, which accounts for about 20% of the total supply of this token, making it one of the largest corporate holders of ENA.
Since ENA is the governance token of Ethena, this portion of holdings not only affects the company's balance sheet but also indicates that StablecoinX has a significant influence in the protocol governance.
- Position size: Approximately 3.03 billion ENA
- Supply proportion: Approximately 20%
- Listing Code: USDE
The new CEO comes from a traditional asset management institution.
Jensen was previously in charge of digital asset research at Franklin Templeton and held positions related to portfolio management. Reports mention that Franklin Templeton's blockchain funds participated in the seed financing round of Ethena, which indicates that Jensen is no stranger to this project.
Ted Chen led StablecoinX to go public in June this year. After this adjustment, he did not leave the company but instead took on the role of Chairman of the Board of Directors, with the day-to-day operations being overseen by Jensen.
USDe The circulation scale is close to $4.4 billion.
Ethena's core product, USDe, is a synthetic US dollar stablecoin. According to DefiLlama data, its current circulation is close to 4.4 billion US dollars, ranking it fifth in the stablecoin market.
About a week before taking office on Jensen, Ethena also launched a self-hosted application, Ethena Pay, which allows users to directly use USDe for payments, transfers, and savings. This move indicates that Ethena is attempting to expand the use cases of USDe from transactions and profit strategies to everyday payments as well.
The report also mentioned that ENA has still fallen by about 20% this year, but has rebounded by more than 80% in the past month, with the latest price being around $0.16. For StablecoinX, which holds a large amount of ENA, the volatility in token prices will continue to directly affect the company's financial performance on the books.
