Understand the numbers.
Original market reviews and the calculations behind EthenaDash. Follow the evidence, inspect the sources and explore the data.
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How much of Avalanche's USDe was in EthenaPay wallets?
EthenaPay wallets held 56.8% of the 10.54 million USDe on Avalanche on October 11, 2026. Most USDe arriving from May 15 went to the rhino.fi bridge contract.
Read the review ↗Reward review / Cashback paid to October 9, 2026What EthenaPay's card cashback paid
Isolated EthenaPay card payments earned a median 3.98% in cashback, but the Standard tier stops at $115 a month. September came to 2.62% of card spend.
Read the review ↗Reward review / Accrual days September 1 to October 8, 2026What EthenaPay's Daily Boost paid
EthenaPay's Daily Boost paid 0.5% on the first $5,000, or 1.5% for a 6% group, over a 4.5% base in early October. Wallets that never used the card got it too.
Read the review ↗Reward review / September 1 to October 8, 2026Did EthenaPay pay more than staked USDe?
sUSDe paid 4.83% a year in September 2026. EthenaPay's rates were higher within the Daily Boost caps and lower above them, and level across all balances.
Read the review ↗Filings review / TLGY public sharesWhat happened to TLGY's SPAC shareholders?
Holders redeemed 22,903,651 of TLGY's 23,000,000 public shares for about $247.9 million at six votes. The other 96,349 became USDE shares at the merger.
Read the review ↗Balance-sheet review / June 30, 2026 10-QWhat is StablecoinX's book value per share?
StablecoinX's June 30, 2026 book value was $8.92 per Class A share, with ENA carried at about $0.0702 a token. USDE closed Oct 8 at 1.43 times that figure.
Read the review ↗Market review / USDEW warrantsHow were StablecoinX's USDEW warrants priced through October 9, 2026?
USDEW closed 2.7% to 18.2% below an estimate of its $10 call value from September 21 to October 7, 2026, and within 0.5% of it on October 8 and 9.
Read the review ↗October 2026 / USDE and ENAHow closely has StablecoinX's stock tracked ENA?
Matched closing prices show where USDE follows ENA and where changes in valuation drive the difference.
Read the review ↗October 2026 / Short interestHow much StablecoinX stock was sold short in September 2026?
The September 30 report puts USDE short interest at 2.81 million shares. How it compares with tradable shares, trading volume and daily short sales.
Read the review ↗October 2026 / Perpetual marketsDoes Lighter's StablecoinX perp track USDE?
Mark prices, last trades and funding tell different stories. A study of Lighter’s StablecoinX perp during and outside stock-market hours.
Read the review ↗October 2026 / EthenaPay repeat spendingDo EthenaPay wallets keep spending?
Follow wallet cohorts after their first spend, with weekly return rates and the limits of measuring retention onchain.
Read the review ↗October 2026 / Float and ownershipHow many StablecoinX shares can trade?
Freely tradable shares, registered holdings, remaining lock-ups and trading volume, reconciled with the company’s filings.
Read the review ↗October 2026 / EthenaPay cash-flow reviewWhere did the USDe deposited into EthenaPay go?
11.06 million USDe went into EthenaPay wallets through October 5. A reconciliation of deposits, withdrawals, card spend, reversals and rewards explains the balance.
Read the review ↗October 2026 / Tokenized equityWhat is USDEB, and how much StablecoinX stock does it represent?
Binance’s USDEB, the shares behind it and what holders own. A dated supply review with reproducible mint and burn calculations.
Read the explainer ↗October 2026 / Filing reviewCan StablecoinX sell its ENA now that the lock-ups are gone?
The lock-ups ended on October 5, but ENA sales still need the Foundation’s consent. The signed terms, the old schedule and the effect on unlocked mNAV.
Read the review ↗October 2026 / EthenaPay adoption reviewHow many wallets use EthenaPay?
617 wallets spent in the latest full week. A chain recount separates wallet creation, funding and card activity, with reproducible calculations.
Read the review ↗September 2026 / Valuation reviewWhat moved StablecoinX (USDE) in September 2026?
USDE gained 81.3%. Matching ENA to the stock-market close reveals how much came from the token and how much came from mNAV.
Read the review ↗01 / Treasury valuationWhat does StablecoinX’s mNAV actually measure?
How reported ENA holdings translate into token NAV per share, and what a valuation discount leaves out.
Read the guide ↗02 / Market structureUSDEW: understanding the warrant payoff
Exercise price, dilution and the redemption terms that a simple expiry chart can miss.
Read the guide ↗03 / Onchain measurementA transaction is not a card purchase
How to measure EthenaPay spending when a single Avalanche transaction contains many wallet events.
Read the guide ↗