StablecoinX announced on September 17 that it had filed a Form 8-K detailing a waiver signed with Ethena OpCo and the Ethena Foundation, which permanently removes lock-up, vesting and scheduled-release restrictions on its ENA holdings. The waiver takes effect on October 5, aligning the company’s ENA unlock schedule with that of other holders. The agreement eliminates all lock-up provisions for ENA acquired through private investment in public equity agreements tied to StablecoinX’s business combination with TLGY Acquisition Corp. Ethena Foundation retains authority over sales, transfers, loans, hedges and other encumbrances of the tokens, requiring written consent for any funding sale. StablecoinX must provide five business days’ notice before a proposed sale, disclosing the intended use of proceeds, maximum token volume and minimum acceptable price. The foundation may purchase all or part of the allocation during the review period, or the company may proceed if no response is received. Settlement can occur in U.S. dollars, USDC, USDe or USDtb, depending on mutually agreed terms. Transactions must be completed within 60 days, after which another notice is required. The waiver preserves restrictions under the U.S. Securities Act, Rule 144, affiliate status and any applicable registration or listing requirements. StablecoinX’s treasury held approximately 3 billion ENA at the end of the second quarter, representing about 20% of the token’s total supply and valued at $218.4 million using a June 30 price of $0.07204. The company’s Class A shares trade on Nasdaq under USDE, offering indirect exposure to Ethena’s governance token. The filing was made under Item 1.01, which covers entry into a material definitive agreement, and was signed by Chief Financial Officer Young Cho. Funding sales must follow the five-day review process and be executed in an orderly manner, with methods such as over-the-counter transactions or agency arrangements used to limit market disruption. Eligible uses of proceeds include general working capital, strategic investments, corporate acquisitions and software development beyond StablecoinX Harness and its decentralized verifier node operations. The agreement also permits share repurchases under an approved Rule 10b5-1 plan, provided the foundation has approved the plan and disclosure obligations are met. The waiver does not grant unrestricted control over ENA usage; any transfer or encumbrance still requires foundation consent or a qualifying funding sale framework. StablecoinX operates a decentralized verifier node that has processed over 10,000 messages representing more than $3 billion in cumulative cross-chain volume as of August 12.