StablecoinX will permanently remove the 48-month lock-up, vesting and scheduled-release restrictions on ENA held by or due to be delivered to the company and its subsidiaries, effective Oct. 5, 2026. The waiver signed with Ethena OpCo and the Ethena Foundation does not grant unrestricted control over the tokens: StablecoinX must continue holding them as unencumbered treasury assets unless it secures written consent or completes a qualifying funding sale. Such sales require at least five business days’ notice, disclose the intended use of proceeds and transaction terms, and remain subject to the foundation’s purchase right and other review provisions. StablecoinX held approximately 3 billion ENA at the end of the second quarter, representing about 20% of total supply.