USDE
StablecoinX Inc.

StablecoinX Inc.USDE

Financial Services · Capital Markets
8.43USD
-14.68%
Oct 31, 2026
USDE overview ready
StablecoinX is a single-ecosystem infrastructure provider and distribution partner for Ethena's USDe and USDtb products.
Narrative is still early
Exposed to the Regulated Stablecoin and Onchain Payment Adoption narrative through Institutional Stablecoin Orchestration and Distribution — infrastructure supplier.
Price Action not measured
Fair valuation
The price broadly reflects the strength of its balance sheet, with upside and risk reasonably balanced.
Fundamentals under pressure
Ev / sales is weak.
Primary risk
Regulatory uncertainty around stablecoins.
Market Oct 30Price action Oct 29Research Oct 15

Conviction Level

CompanyFit6.0PriceAction5.7Valuation3.5CompanyPosition7.3BusinessQuality—

Conviction uses Company Fit, Price Action, Valuation, Business Quality. Company Position is research context, not an input.

Theme leadershipGroup context · not a Conviction input
CryptoLagging
vs SPY
−29.3pp
Theme return
−30.4%
Beating SPY
0 of 15
21 sessions to Oct 30, 2026 · ranked 60 of 60 themes
Price
Loading price history…

Price Action

StateWeak / unconfirmed recovery

The daily chart may be improving, but the weekly fast averages have not been reclaimed — the recovery is not yet confirmed on the higher timeframe.

Key Financials

Market Cap
$284.1M
Avg Volume (60D)
3.5M
60 sessions
Gross Margin
+20.0%
Trailing twelve months
EV / Sales
4543.8x
Market metrics as of Oct 30, 2026

Fundamentals & Valuation

The available comparisons disagreed; the intrinsic comparison is the more reliable method for this business and the others are published as dissent.
This company has a Fair valuation stance because the price broadly reflects the strength of its balance sheet, with upside and risk reasonably balanced.

What changed

  • USDE fell 14.7% in one session
    USDE closed -14.7% against a broad market that moved -1.8%.
    2026-10-30

Company Research

Thesis
StablecoinX is a single-ecosystem infrastructure provider and distribution partner for Ethena's USDe and USDtb products.
Opportunity
High opportunity
Financial institutions, payment firms, and digital-asset platforms are building compliant issuance, settlement, treasury, interoperability, and distribution rails to put stablecoins into business payment and financial workflows.
Key risk
Regulatory uncertainty around stablecoins.

Economic classification

Loading the economic classification…

Business & Markets

Financial Services · Capital Markets
What they do

StablecoinX Inc. provides infrastructure and middleware software to support the Ethena digital dollar ecosystem, enabling stablecoin distribution and related services.

How it earns

The company likely generates revenue through service fees related to stablecoin infrastructure and distribution, though exact details are unknown.

Products & services
Stablecoin infrastructure services
Stablecoin middleware software
Stablecoin distribution services
Customers & end markets
Digital currency platforms
Financial institutions involved in stablecoin transactions
Market position

Niche player focused on stablecoin infrastructure within the Ethena ecosystem.

Demand drivers
Medium cyclicality

Demand for stablecoin infrastructure depends on broader digital currency market activity and regulatory environment.