StableCoinX Inc. Waives ENA Token Lock-Ups; Enables Token Sales

What Happened
StableCoinX Inc. and its subsidiary StablecoinX Assets Inc. entered a Waiver Letter with Ethena OpCo Ltd. and the Ethena Foundation on September 14, 2026. The Waiver Letter, effective October 5, 2026, permanently waives the lock-up, vesting and unlocking restrictions on ENA tokens held by or deliverable to the Company (the “Subject ENA Tokens”), including a previously applicable 48‑month contractual lock-up tied to PIPE token purchases.

Key Details

• Waiver Letter dated September 14, 2026; Waiver Effective Date: October 5, 2026.
• The waiver releases the 48‑month contractual lock-up for the Company’s Subject ENA Tokens.
• The agreement creates a framework for “Funding Sales”: the Company must give the Ethena Foundation at least five (5) business days’ prior written notice before a sale; the Foundation may elect to acquire all or part of the tokens at the proposed price during that notice period.
• Sales, transfers or dispositions of ENA by the Company still require prior written consent (not to be unreasonably withheld) under Section 4.2(b) of the Amended and Restated Collaboration Agreement; the waiver does not override legal/regulatory restrictions or other Collaboration Agreement obligations.

Why It Matters
This filing removes contractual lock-ups that had limited StableCoinX’s ability to move or monetize ENA tokens, and it formalizes a process for the Company to sell ENA to fund working capital and strategic activities. Investors should note that, starting October 5, 2026, the Company has increased flexibility to transfer or sell ENA tokens subject to the Foundation’s notice/right-to-acquire and the Collaboration Agreement’s consent requirement, as well as applicable laws and regulations. The full Waiver Letter is filed as Exhibit 10.1 to the 8‑K.