NEW YORK, July 2, 2026, 08:04 EDT
- StablecoinX was indicated at $4.5198 ahead of the open at 8:04 a.m. EDT, up 117.30% from Wednesday’s $2.08 close.
- Market data feeds showed a mismatch in share count after the SPAC deal closed. MarketWatch showed 5.82 million shares outstanding, but the company put the number at about 24 million Class A shares trading publicly.
- Based on the share count, the premarket price put public Class A equity at around $108.5 million. That’s less than half what the company’s ENA token holdings are estimated to be worth now.
- Nasdaq will stay open on Thursday, but shuts Friday, July 3 for Independence Day.
StablecoinX Inc. NASDAQ:USDE jumped over 100% in early premarket Thursday following its rollout of a stablecoin software platform. But for most traders, the bigger question was elsewhere: shares still traded at a big premium to the ENA-token value the company marks to, and public feeds hadn’t updated for the new share count after the SPAC deal.
MarketWatch had USDE quoted at $4.5198 as of 8:04 a.m. EDT, up 117.30% in premarket trade on volume of 16.33 million shares. Shares ended Wednesday at $2.08, a drop of 24.36%, with 13.5 million shares changing hands. That’s around 60 times its 65-day average of 223,970 shares.
| USDE trading snapshot | Latest available figure | Investor read |
|---|---|---|
| July 1 close | $2.0800 | Stock dropped 24.36% until Thursday’s recovery |
| July 2 premarket price | $4.5198 | Up 117.30% as of 8:04 a.m. EDT |
| Before-hours volume | 16.33 mln shares | Already beat Wednesday’s total |
| 65-day average volume | 223,970 shares | Premarket was running about 73x the average |
| MarketWatch shares outstanding | 5.82 mln | Lower than what the company reported after the close |
| Company-stated public Class A shares | About 24 mln | Gives a base for a quick post-SPAC equity check |
StablecoinX said Thursday it rolled out StablecoinX Harness, a middleware tool aimed at letting firms take stablecoins, hold assets as sUSDe, or send payments wherever the receiver wants—all through one integration. The launch includes same-chain swaps and cross-chain transfers. The company said design partners and early integrators can use it now.
Edward Chen, who is chairman and CEO at StablecoinX, said the API will let developers “integrate USDe into payment, treasury, and agentic solutions.” Chen called StablecoinX “the public-market gateway” to Ethena’s digital-dollar system in last week’s closing statement. GlobeNewswire
The stock bounced back after sharp losses Wednesday, with gains happening before Nasdaq’s normal 9:30 a.m. ET start. According to Nasdaq’s calendar, the exchange is closed Friday, July 3, for the Independence Day holiday. Nasdaq usually trades from 9:30 a.m. to 4 p.m. ET.
There’s a gap in the token numbers. StablecoinX said after the close it had about 3.029 billion ENA tokens. It valued those tokens at roughly $275 million, based on a 30-day ENA VWAP of $0.0909. That works out to $11.42 per fully diluted share. The company also said about 24 million Class A shares are now trading.
Ethena’s ENA traded at $0.076982, according to CoinMarketCap, up 7.49% in the past 24 hours. Market cap came in around $715.5 million. At that ENA price, StablecoinX’s 3.029 billion tokens were worth about $233.2 million. Using ENA’s current quote, the company’s $11.42 per-share figure comes to about $9.67 fully diluted.
| Asset-value check | Figure |
|---|---|
| StablecoinX ENA token holdings | 3.029 bln |
| ENA price the company used at close | $0.0909 |
| ENA value for the company at close | About $275 mln |
| ENA last traded per CoinMarketCap | $0.076982 |
| Rough ENA value using current quote | About $233.2 mln |
| Current ENA per fully diluted share | About $9.67 |
| USDE at 8:04 a.m. EDT | $4.5198 |
| USDE as % of estimated ENA share value | About 47% |
This isn’t a straight liquidation value. StablecoinX itself cautions about swings in ENA, rivals, legal gray areas for crypto, and how it will pull off building Harness and its distribution.
The share count is another puzzle. MarketWatch reported StablecoinX’s market cap at $12.11 million with 5.82 million shares outstanding. But in StablecoinX’s closing release, the company mentioned about 24 million Class A shares trading. If you use that 24 million share number with the 8:04 a.m. premarket price, the public Class A equity adds up to $108.5 million, not the smaller market cap seen in the data feed.
Circle Internet Group Inc. NYSE:CRCL, the most recognized public stablecoin company, last traded at $61.95 and has a market cap close to $16.5 billion. StablecoinX takes a different path—its equity is based on a software rollout and a focused ENA treasury, not reserve-driven income.
Ethena USDe traded just below peg at $0.998286, with CoinMarketCap showing its market cap near $4.45 billion. The close names—USDE stock ticker and USDe token—could be confusing. Thursday’s moves were in the Nasdaq equity, not the stablecoin.
