We are pleased to announce that Christopher Jensen is joining StablecoinX as Chief Executive Officer and Director, effective immediately. Christopher joins from Franklin Templeton, where he was a founding member of the firm's digital asset group and served as Portfolio Manager and Director of Digital Asset Research. Franklin Templeton's blockchain venture fund participated in Ethena's seed round, and he has followed the protocol since its earliest days. @tedchenCPC, who led StablecoinX through its public listing, continues as Chairman of the Board, focused on long-term strategy and capital markets positioning. Welcome, @jensane2001! Link in comments 👇

The Fee Switch vote has passed, with 100% of votes in favour. The fee switch milestones are now activated and programmatic ENA buybacks will begin and scale higher as metrics and milestones are reached. Snapshot vote results linked in tweet below:

Yesterday after the close we filed an S-1 registering the shares underlying existing warrants and the resale of certain shares issued in the business combination with TLGY and held by the prior SPAC sponsors. This is not a new capital raise and no new shares are being issued today. As described in the S-1, if all warrants are exercised for cash, StablecoinX would receive approximately $235 million, which may be used to acquire additional ENA token or for general corporate purposes. While no decision has been made yet on how such cash will be used if received, deploying it to acquire additional ENA tokens would represent the purchase of 1.5b ENA tokens at current market prices of $0.16, or an additional 10% of total ENA supply. S-1 filing:

Equity perpetuals as a basis venue: $150 trillion of underlying, funding uncorrelated to crypto, and the execution infrastructure already proven at scale. A meaningful widening of what backs USDe 🚀

Ethena has partnered with FalconX, a leading digital asset prime broker, as an insitutional lending partner. As part of the partnership, Ethena will invest in stablecoin lending arrangements to @FalconXGlobal on an overcollateralised basis as part of our institutional lending allocations. FalconX is able to scale its balance sheet, while Ethena benefits from FalconX's loan origination and secured lending expertise, enabling stronger risk-adjusted terms than are available elsewhere.

@ethena keeps expanding distribution. Access to USDe has materially expanded since last year. When crypto sentiment turns positive and perp funding rates mean revert, imagine how much more circulating supply of $USDe there will be compared to the last cycle. $USDe everywhere.

Nice write-up on @ethena from someone that gets it. “ENA trading below a billion while sitting on top of one of the most integrated synthetic‑dollar engines in crypto looks, to me, like a discount worth underwriting. If and when the market cycle turns, I’d rather already be holding the thing that Wall Street and DeFi are quietly building around than scrambling to buy it into a vertical candle.” I’ll put it more simply (but you should read Savvy’s post!): 1. The APY offered in sUSDe is cyclical due to the underlying basis trade where the short leg gets paid more in a bull cycle, but less (or negative) in a bear cycle. When the basis trade is no longer generating attractive returns (such as today), $USDe backing sits in cash (ie other liquid stables) and simply generates t-bill rates. 2. USDe circulating supply is highly correlated to the APY that sUSDe offers. It’s simply natural for market participants to seek the highest yielding / lowest risk opportunities in the market. In crypto bull markets, it means USDe circulating supply should grow significantly, and conversely, in bear markets it will, as we have seen, decline in circulation. 3. The value of $ENA itself is highly correlated to USDe circulating supply. That correlation will move closer to 1 once the fee switch is activated. Unfortunately the fee switch itself can’t be turned on until USDe circulating supply reaches scale and APYs on sUSDe are materially above t-bills. But the facts are correct: the more USDe circulating supply, the greater the probability of fee switch activation, the more correlation between USDe supply and ENA price moves to 1. 4. That means if crypto is up, sUSDe APYs are up, USDe supply is up, and ENA is up. Since the crypto market itself is highly correlated to just $BTC prices, betting on ENA is in many ways just a higher vol proxy to expressing a long Bitcoin thesis! If you love Bitcoin, you should really love ENA. 5. The point is, ENA at its lows is not a reflection of a broken ecosystem or a broken token, but a reflection of where we are in the cycle. If you believe the crypto market will come back then as @sav_gupta put it, “I’d rather already be holding the thing that Wall Street and DeFi are quietly building around than scrambling to buy it into a vertical candle.” That’s exactly what @stablecoin_x is doing with its treasury deployed into ENA. At an ENA price of $0.076, that treasury is worth $9.59 per $USDE share today. Yes, you read that right, $9.59 vs $USDE close of $2.03. 👀

For those who don't know, Aladdin is @BlackRock's investment management and risk analytics platform. It is used by insurers, pension funds, asset managers, including the likes of CalPERS, Deutsche Bank, Citi and Blackrock itself. That's over $20 trillion in assets that these managers have on the Aladdin platform. Now, all of these managers will have the ability to not only allocate to solana:DEkqHyPN7GMRJ5cArtQFAWefqbZb33Hyf6s5iCwjEonT, but also seamlessly integrate it into their existing portfolio management and risk analytics processes. Congrats to @ethena on yet another integration that continues to compound the utility and access for Ethena products.