StablecoinX has appointed Christopher Jensen as chief executive officer and a board member, replacing Ted Chen, who will remain chairman after leading the company through its June 2026 Nasdaq listing. Jensen will oversee operations across infrastructure services, infrastructure software and distribution services, as well as a treasury strategy built around about 3.03 billion ENA, or roughly 20% of the token's supply. The position makes StablecoinX the largest corporate holder of Ethena's governance token. Jensen previously served as a portfolio manager and director of digital asset research at Franklin Templeton, where he helped build the firm's digital asset group after its 2018 launch. Franklin Templeton's blockchain venture fund participated in Ethena's seed round. Ethena's USDe synthetic dollar had nearly $4.4 billion in circulation and ranked as the fifth-largest stablecoin, while ENA was down about 20% year to date despite gaining more than 80% over the past month to around $0.16. The appointment follows Ethena's launch of Ethena Pay, a self-custodial application for spending, saving and transferring USDe.