StablecoinX has appointed Christopher Jensen as chief executive officer, naming a former Franklin Templeton digital asset executive to lead the Nasdaq-listed company. Jensen succeeds Ted Chen, who guided StablecoinX to its public listing in June and will continue as chairman of the board.
StablecoinX trades under the ticker USDE and is a publicly listed company focused on the Ethena ecosystem. Ethena issues USDe, a synthetic dollar that DefiLlama data ranks as the fifth-largest stablecoin, with nearly $4.4 billion in circulation. Ethena's governance token, ENA, gives holders voting rights over protocol changes.
StablecoinX holds about 3.03 billion ENA tokens, or roughly 20% of the token's total supply, which the company says makes it the largest corporate holder of ENA. 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 launch in 2018. Franklin Templeton's blockchain venture fund participated in Ethena's seed round, giving Jensen exposure to the protocol from an early stage.
The appointment follows Ethena's launch of Ethena Pay about a week earlier, a self-custodial application that allows users to spend, save and transfer USDe. ENA remains down about 20% year to date, but CoinGecko data show the token has rebounded in recent weeks, gaining more than 80% over the past month to trade around $0.16.
