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StablecoinX is going public on the Nasdaq with a declared bet on the Ethena ecosystem, arriving at a moment when USDe — Ethena's stablecoin — has shed 70% of its circulating supply from the October bull market peak, when the figure topped $14 billion.
That contraction is the context the market did not ask for but cannot ignore. The Supply Number That Leads A 70% drawdown from a $14 billion high is not a footnote to the Ethena story — it is the story.
Circulating supply in the stablecoin sector functions as the closest real-time proxy for user demand: capital flows in, supply rises; capital exits, supply falls.
The October peak arrived on the back of a broad bull market, which means a meaningful portion of that $14 billion ceiling may have been cycle-induced inflows rather than structural, sticky demand.
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