research/usde-ena-tracking-2026-10-08/article_draft.md at commit 2c7c5a5, blob ed2f1c1df3549b791d1bdedf6dde5568a263ec67, line 13
The figures depend on pricing ENA at the moment of each close. This site's [StablecoinX dashboard](https://ethenadash.com/stablecoinx/), in its dataset of October 9, pairs each close with ENA's price at midnight UTC, 8 pm in New York the evening before. Measured with those prices, the correlation was 0.18, and USDE moved the same way as ENA on 31 of 72 days.

research/usde-ena-tracking-2026-10-08/article_draft.md at commit 2c7c5a5, blob ed2f1c1df3549b791d1bdedf6dde5568a263ec67, line 59
The dashboard records one ENA price for each date, from CoinGecko according to its methodology page. On every session that price was within 0.5% of Kraken's price at midnight UTC, 8 pm in New York the evening before the close, and on the median session it was 3.2% away from ENA's price at the close.

research/stablecoinx-lock-up-waiver-2026-10-05/article_draft.md at commit 2c7c5a5, blob 0e832bd1b7c4296daf24fcc00ac235912e9166cd, line 7
StablecoinX can sell its ENA only with the Ethena Foundation's consent, even though the lock-ups covered by the waiver ended on October 5, 2026. ENA is the governance token of the Ethena protocol, and the company holds it as its treasury. A [waiver letter](https://www.sec.gov/Archives/edgar/data/2080215/000121390026100751/ea030568601ex10-1.htm) that Ethena OpCo and the Foundation signed on September 14 released every lock-up that agreements with them placed on that ENA, from October 5. That included the 48-month schedule in the two agreements under which Ethena OpCo sold the company most of its ENA.

research/stablecoinx-lock-up-waiver-2026-10-05/layout.json at commit 2c7c5a5, blob 55bd5385d4a0e2133000467e9108096fb17c3d06, keyFindings
The waiver took effect on October 5, 2026, ending the ENA lock-ups covered by agreements with Ethena.
Foundation consent rights and company approval requirements remain. Unlocked does not mean freely saleable.
The change affects the unlocked classification, not total reported ENA or token NAV. Historical unlocked figures included assumptions.
