How much operating revenue does StablecoinX have, and why does it affect its
$ENA token holdings?
Many people use mNAV to assess the price of StablecoinX (ticker:
$USDEB ), calculating whether its share price is undervalued based on the amount of tokens held per share (ENA).
I found in its 10-Q report (2026/6/30) that it actually has two other sources of revenue:
➤ Validator services
StablecoinX operates Ethereum validator nodes.
➤ DVN services
StablecoinX provides verification of the authenticity and finality of
@Ethena Labs -related assets transferred across chains via LayerZero.
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The key point to watch is DVN
According to StablecoinX’s monthly summary published a few days ago, its DVN has processed around $6B in cross-chain transaction volume to date.
Under the contract signed between StablecoinX and Ethena OpCo., StablecoinX can charge a 0.01% service fee on the transaction volume it processes. The fee is denominated in U.S. dollars and paid in ENA.
In other words, StablecoinX’s token holdings should theoretically continue to grow.
*Note: The ~$6B corresponds to approximately $600,000 in revenue, but since the contract only took effect in 2026/4, the actual revenue generated is far lower.
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How should we understand DVN’s impact?
At present, nearly all revenue comes from DVN, but the scale is still very small.
Since DVN provides verification services for cross-chain activity, there are two key areas to watch:
➤ Whether Ethena-related assets such as
$USDE USDtb continue to offer token incentives on different chains to encourage users to bridge assets
➤ Whether protocols such as Ethena, Aave, and Morpho maintain or increase lending capacity across different chains
In practice, however, I believe StablecoinX’s stock valuation still depends mainly on the size of its ENA treasury and how the market values treasury companies, rather than on this operating revenue.
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