StablecoinX's 3 Billion ENA Lockup to Permanently Unlock on Oct. 5, Requires Ethena Foundation Approval for Sale

StablecoinX's approximately 3 billion 30 million ENA tokens are set to have their lockup permanently lifted on October 5. However, selling or transferring the tokens will require prior written approval from the Ethena Foundation, according to PANews citing a U.S. Securities and Exchange Commission (SEC) document.

PANews reported on October 18 that StablecoinX and its subsidiary have signed an exemption letter with Ethena Offchain and the Ethena Foundation, lifting the previous 48-month lockup period applied to ENA acquired through a PIPE investment. The permanent removal of lockups, vesting, and unlock restrictions will take effect from October 5.

StablecoinX previously disclosed holding around 303 million ENA tokens, representing approximately 20% of the total ENA supply. While the company can now freely hold or transfer the tokens, any sale, transfer, or collateral use requires prior written consent from the Ethena Foundation. Sales must be notified in writing to the foundation at least five business days in advance for strategic or operational purposes, allowing the foundation to purchase all or part of the offered amount at the proposed price during that period.