StablecoinX has appointed Christopher Jensen, a former digital asset executive at Franklin Templeton, as its new chief executive officer. Jensen takes charge of the company as the largest corporate holder of Ethena's ENA token.
Jensen succeeds Ted Chen, who guided StablecoinX through its public listing in June. Chen will remain in his role as chairman of the company's board.
Trading on the Nasdaq under the ticker USDE, StablecoinX focuses on the Ethena ecosystem. Ethena issues USDe, a synthetic dollar that stands as the fifth-largest stablecoin with nearly $4.4 billion in circulation, according to DefiLlama data. Ethena's governance token, ENA, grants holders voting rights on protocol changes.
StablecoinX holds approximately 3.03 billion ENA tokens, representing roughly 20% of the token's total supply. This holding makes the firm ENA's largest corporate holder.
Prior to joining StablecoinX, Jensen served as a portfolio manager and director of digital asset research at Franklin Templeton. He helped build the firm's digital asset group following its launch in 2018. Franklin Templeton's blockchain venture fund also participated in Ethena's seed funding round, providing Jensen with early exposure to the protocol.
Jensen's appointment follows the launch of Ethena Pay by about a week. Ethena Pay is a self-custodial application designed to allow users to spend, save, and transfer the USDe synthetic dollar.
According to CoinGecko data, the ENA token is down approximately 20% year to date but has seen a sharp rebound in recent weeks, gaining over 80% in the past month to trade around $0.16.
