StablecoinX Inc. entered into a Waiver Letter with the Ethena Foundation and Ethena OpCo Ltd. to permanently remove all lock-up and vesting restrictions on ENA tokens held by the company. This agreement provides StablecoinX with increased financial flexibility by establishing a framework to sell these tokens to fund its working capital and strategic initiatives.
Key Details
- Agreement: On September 14, 2026, the parties agreed to a Waiver Letter that terminates all lock-up restrictions, including a 48-month contractual lock-up, on StablecoinX's ENA token holdings.
- Effective Date: The waiver becomes effective on October 5, 2026, aligning with the lock-up release date for other ENA token holders.
- Token Sale Framework: To sell ENA tokens for funding purposes, StablecoinX must provide the Ethena Foundation with five business days' notice. During this period, the Foundation has the right of first refusal to acquire the tokens at the proposed sale price.
- Ongoing Consent: Despite the waiver, any sale or transfer of ENA by StablecoinX continues to require prior written consent from the Ethena Foundation as stipulated in their pre-existing Collaboration Agreement.