Aug 14, 2026, 9:12 AM ETFinancial Services

StablecoinX Inc. — Second Quarter 2026 Earnings Summary

USDESTABLECOINX INC

Financial Performance

Reported revenue of $62,372 for the three months ended June 30, 2026, and $63,038 for the six months ended June 30, 2026, compared to $0 for the period from inception through June 30, 2025.
Reported a net loss of $(34,180,809) for the three months ended June 30, 2026, and $(34,624,180) for the six months ended June 30, 2026, compared to a net loss of $(26,071) for the period from inception through June 30, 2025.
Adjusted non-GAAP net loss was $(188,204) for the three months ended June 30, 2026, and $(631,575) for the six months ended June 30, 2026.
Total assets stood at $232.6 million as of June 30, 2026, including $18.9 million in cash and cash equivalents and $212.9 million in digital intangible assets (ENA tokens carried at cost less impairment).
Total liabilities were $18.3 million as of June 30, 2026, including a warrant liability of $4.7 million and convertible demand notes payable of $6.9 million.
Stockholders' equity was $214.3 million as of June 30, 2026.
Net cash used in operating activities was $(81,680) for the six months ended June 30, 2026, while net cash provided by financing activities was $18.9 million, primarily driven by merger and PIPE financing proceeds of $18.9 million.

Management plans to launch the Distribution Services segment in 2027 to provide investors with indirect exposure to USDe, subject to market and regulatory conditions.
The company aims to narrow the discount between its current market capitalization and the value of its digital asset holdings.
StablecoinX intends to expand access to the utility of Ethena's digital dollar products, noting that incremental revenue generated by USDe circulating supply is expected to benefit ENA token holders through revenue allocation.

Infrastructure Services: Generated $62,372 in revenue in the last two weeks of June 2026; surpassed $3.0 billion in cumulative verified cross-chain volume since inception as of August 12, 2026, with over 10,000 cross-chain messages successfully delivered.
Infrastructure Software: Launched the initial phase of the StablecoinX Harness middleware platform on July 2, 2026, consolidating stablecoin integration into a single API layer; signed its first client on July 10, 2026.
Distribution Services: Not yet launched; scheduled for potential launch in 2027.
ENA Treasury: Holds approximately 3.0 billion ENA tokens valued at $218.4 million as of June 30, 2026 (based on market value of $0.07204 per token), representing approximately $9.09 per share.
Design Partner Program: Opened applications in July 2026 across three tracks: Payments and Agents, Networks and Protocols, and Institutions and Ecosystem.

The Ethena Protocol's cumulative fees reached over $800 million and ecosystem rewards surpassed $750 million as of July 2026.
USDe supply consolidated to $3.9 billion by July 31, 2026, with sUSDe APY strengthening to 4.1% and a backing ratio of approximately 101.7%.
Industry-wide stablecoin supply grew at a 3-year CAGR of approximately 33% from June 2023 to June 2026.
BlackRock: Integrated USDe into the Aladdin Risk Management Platform, which oversees over $20 trillion in assets.
Robinhood: Ethena assets on Robinhood Chain surpassed $200 million within one month of the Crypto Earn launch, with USDe accounting for nearly one-third of all USD value on the chain.
Coinbase: Launched a DeFi Earn vault crossing $200 million in USDe in its first month; Coinbase Ventures acquired ENA via open-market purchases.
Janus Henderson: Integrated JAAA (AAA CLO strategy) into USDe backing; the firm manages approximately $480 billion in assets and made a strategic investment in ENA.

Risks include the failure to maintain Nasdaq listing, costs associated with becoming a public company, and changes in business, market, financial, political, and regulatory conditions.
Specific risks involve the highly volatile nature of ENA and other Ethena product prices, significant legal, commercial, regulatory, and technical uncertainty regarding crypto assets, and tax treatment of crypto assets.
Challenges include operational difficulties in implementing the business plan, competition, and the risk that anticipated benefits of the business combination may not be realized.
Forward-looking statements are subject to risks detailed in the company's filings with the SEC, including the prospectus dated February 17, 2026, and the Form 10-Q for the quarter ended June 30, 2026.

Edward Chen, Chairman and CEO, stated the first quarter end as a public company reflects the successful close of the business combination and emergence as a provider of exposure to yield-bearing digital dollar products.
Chen highlighted that more than half of M2 money supply was historically held in interest or yield instruments, positioning GENIUS Act-compliant stablecoins to participate in this category.
Young Cho, CFO, noted that the ENA treasury and operating businesses are designed to reinforce one another, with operating businesses driving value for ENA token holders and the treasury providing a long-term capital base.
Management expressed confidence in the growth opportunities of the Ethena ecosystem and the potential for the three business lines to enhance network effects.

Completed the business combination with TLGY Acquisition Corporation on June 25, 2026; Class A common stock and warrants began trading on Nasdaq as "USDE" and "USDEW" on June 26, 2026.
The ENA treasury includes 284,954,407 tokens contributed by the Ethena Foundation and approximately 2.75 billion tokens from PIPE investors.
24,029,375 shares of Class A common stock were issued and outstanding as of June 30, 2026.
The company recorded an impairment of digital intangible assets of $36,201,740 for the three and six months ended June 30, 2026.
The value of the ENA treasury ($218.4 million) differs from the financial statement carrying value ($212.9 million) due to GAAP requirements to carry digital assets at cost less impairment rather than fair value.