NEW YORK, July 2, 2026 – Shares of StablecoinX Inc. (NASDAQ: USDE) surged more than 117% in premarket trading Thursday after the company unveiled its new stablecoin software platform, Harness. However, a significant discrepancy in the reported share count is drawing attention from market participants.
Premarket Surge and Share Count Mismatch
At 8:04 a.m. EDT, USDE was indicated at $4.5198, a sharp increase from Wednesday’s close of $2.08. The premarket move came on heavy volume of 16.33 million shares, already exceeding Wednesday’s total turnover of 13.5 million shares. The 65-day average volume is just 223,970 shares, making Thursday’s activity roughly 73 times the norm.
Market data feeds, including MarketWatch, showed only 5.82 million shares outstanding, implying a market capitalization of about $12.11 million at the premarket price. However, StablecoinX stated in a post-close release that approximately 24 million Class A shares are now publicly traded. Using the company’s figure, the public Class A equity would be valued at roughly $108.5 million.
Harness Platform Launch
StablecoinX announced the rollout of its Harness middleware, designed to simplify stablecoin integration for businesses. The platform allows firms to hold assets as sUSDe, execute same-chain swaps, and perform cross-chain transfers through a single API. The company said design partners and early integrators can begin using it immediately.
Edward Chen, Chairman and CEO of StablecoinX, stated that the API will enable developers to "integrate USDe into payment, treasury, and agentic solutions." He described StablecoinX as "the public-market gateway" to Ethena’s digital-dollar system during the company’s SPAC closing statement last week.
Valuation Gap and ENA Token Holdings
The stock’s rally comes despite a significant gap between the company’s token holdings and its equity value. StablecoinX reported holding approximately 3.029 billion ENA tokens, which it valued at $275 million based on a 30-day volume-weighted average price of $0.0909. At the current ENA price of $0.076982, those tokens are worth about $233.2 million.
Using the company’s share count, the implied fully diluted value per share from ENA holdings is around $9.67 at current prices. Thursday’s premarket price of $4.5198 represents only about 47% of that estimated token value, suggesting either a discount or a potential mispricing.
However, this is not a direct liquidation value. StablecoinX has cautioned about volatility in ENA, regulatory uncertainties in the crypto space, and the execution risks associated with building the Harness platform and its distribution network.
Market Context and Holiday Schedule
The surge in USDE follows a sharp decline on Wednesday, when the stock dropped 24.36%. The premarket gains occurred before Nasdaq’s regular trading session opens at 9:30 a.m. ET. Notably, Nasdaq will remain open on Thursday but will be closed on Friday, July 3, for the Independence Day holiday.
For context, Circle Internet Group Inc. (NYSE: CRCL), the most prominent publicly traded stablecoin company, last traded at $61.95, with a market capitalization near $16.5 billion. StablecoinX takes a different approach, basing its equity value on software development and a focused ENA treasury rather than reserve-driven income.
Token Price and Market Data
Ethena’s ENA token traded at $0.076982, according to CoinMarketCap, up 7.49% over the past 24 hours, with a market cap of approximately $715.5 million. The stablecoin USDe was trading just below its peg at $0.998286, with a market cap near $4.45 billion. The close resemblance between the stock ticker USDE and the stablecoin USDe may cause confusion, but Thursday’s price action was firmly in the Nasdaq-listed equity.
