Tearsheet

StableCoinX (USDE)


Market Price (7/2/2026): $3.88 | Market Cap: $218.4 MilSector: Financials | Industry: Diversified Capital Markets

StableCoinX (USDE)


Market Price (7/2/2026): $3.88
Market Cap: $218.4 Mil
Sector: Financials
Industry: Diversified Capital Markets

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, and Crypto & Blockchain. Themes include Digital Payments, and Stablecoins.

Weak multi-year price returns
2Y Excs Rtn is -80%, 3Y Excs Rtn is -117%

High stock price volatility
Vol 12M is 114%

0 Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, and Crypto & Blockchain. Themes include Digital Payments, and Stablecoins.
1 Weak multi-year price returns
2Y Excs Rtn is -80%, 3Y Excs Rtn is -117%
2 High stock price volatility
Vol 12M is 114%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/1/2026

StableCoinX (USDE) stock has lost about 45% since it went public on 6/26/2026 because of the following key factors:

1. A significant 70% contraction in Ethena's USDe circulating supply predated StableCoinX's public debut. USDe's circulating supply had decreased by 70% from its peak of $14 billion in October 2025 to approximately $4.5 billion by June 2026, before StableCoinX (USDE) began trading on Nasdaq on June 26, 2026. This decline stemmed from a broad market deleveraging that disproportionately affected synthetic assets.

2. StableCoinX's valuation is heavily tied to its ENA token treasury, which faces market volatility. The company holds approximately 3.029 billion ENA tokens, valued at about $275 million at the time of its Nasdaq listing. This substantial holding, representing roughly 20% of ENA's total supply, directly links StableCoinX's market value to the performance and adoption of the Ethena ecosystem and ENA token pricing.

Show more
Updated on 7/1/2026

StableCoinX (USDE) stock has lost about 45% since it went public on 6/26/2026 because of the following key factors:

1. A significant 70% contraction in Ethena's USDe circulating supply predated StableCoinX's public debut. USDe's circulating supply had decreased by 70% from its peak of $14 billion in October 2025 to approximately $4.5 billion by June 2026, before StableCoinX (USDE) began trading on Nasdaq on June 26, 2026. This decline stemmed from a broad market deleveraging that disproportionately affected synthetic assets.

2. StableCoinX's valuation is heavily tied to its ENA token treasury, which faces market volatility. The company holds approximately 3.029 billion ENA tokens, valued at about $275 million at the time of its Nasdaq listing. This substantial holding, representing roughly 20% of ENA's total supply, directly links StableCoinX's market value to the performance and adoption of the Ethena ecosystem and ENA token pricing.

3. A broader decline in stablecoin market interest and supply growth impacted investor sentiment. Google searches for "stablecoins" dropped approximately 54% in June 2026 compared to May 2026, and 69% from its August 2025 peak, indicating a cooling retail investor interest. Concurrently, the total global stablecoin supply decreased by about $5 billion in three weeks after peaking in early June 2026, with year-to-date growth slowing to 0.23%.

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Stock Movement Drivers

Fundamental Drivers

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Market Drivers

3/31/2026 to 7/1/2026
ReturnCorrelation
USDE  
Market (SPY)14.7%99.9%
Sector (XLF)11.0%-74.1%

Fundamental Drivers

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Market Drivers

12/31/2025 to 7/1/2026
ReturnCorrelation
USDE  
Market (SPY)9.7%99.9%
Sector (XLF)0.5%-74.1%

Fundamental Drivers

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Market Drivers

6/30/2025 to 7/1/2026
ReturnCorrelation
USDE  
Market (SPY)21.7%99.9%
Sector (XLF)5.9%-74.1%

Fundamental Drivers

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Market Drivers

6/30/2023 to 7/1/2026
ReturnCorrelation
USDE  
Market (SPY)74.2%99.9%
Sector (XLF)69.8%-74.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
USDE Return------26%-26%
Peers Return66%-84%342%78%9%49%248%
S&P 500 Return27%-19%24%23%16%10%100%

Monthly Win Rates [3]
USDE Win Rate-----0% 
Peers Win Rate48%31%77%48%58%47% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
USDE Max Drawdown------ 
Peers Max Drawdown-67%-85%-49%-54%-58%-43% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: COIN, MSTR, RIOT, MARA, HUT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/1/2026 (YTD)

How Low Can It Go

USDE has limited trading history. Below is the Financials sector ETF (XLF) in its place.

EventXLFS&P 500
2025 US Tariff Shock
  % Loss-15.5%-18.8%
  % Gain to Breakeven18.4%23.1%
  Time to Breakeven80 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-10.7%-9.5%
  % Gain to Breakeven12.0%10.5%
  Time to Breakeven26 days24 days
2023 SVB Regional Banking Crisis
  % Loss-16.1%-6.7%
  % Gain to Breakeven19.1%7.1%
  Time to Breakeven270 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-22.3%-24.5%
  % Gain to Breakeven28.6%32.4%
  Time to Breakeven467 days427 days
2020 COVID-19 Crash
  % Loss-42.8%-33.7%
  % Gain to Breakeven74.8%50.9%
  Time to Breakeven289 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-19.7%-19.2%
  % Gain to Breakeven24.5%23.8%
  Time to Breakeven123 days105 days

Compare to COIN, MSTR, RIOT, MARA, HUT

In The Past

State Street Financial Select Sector SPDR ETF's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

USDE has limited trading history. Below is the Financials sector ETF (XLF) in its place.

EventXLFS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-22.3%-24.5%
  % Gain to Breakeven28.6%32.4%
  Time to Breakeven467 days427 days
2020 COVID-19 Crash
  % Loss-42.8%-33.7%
  % Gain to Breakeven74.8%50.9%
  Time to Breakeven289 days140 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-21.4%-12.2%
  % Gain to Breakeven27.3%13.9%
  Time to Breakeven272 days62 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-26.1%-17.9%
  % Gain to Breakeven35.3%21.8%
  Time to Breakeven162 days123 days
2008-2009 Global Financial Crisis
  % Loss-78.3%-53.4%
  % Gain to Breakeven359.8%114.4%
  Time to Breakeven2329 days1085 days

Compare to COIN, MSTR, RIOT, MARA, HUT

In The Past

State Street Financial Select Sector SPDR ETF's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About StableCoinX (USDE)

AI Analysis | Feedback

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AI Analysis | Feedback

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Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

USDECOINMSTRRIOTMARAHUTMedian
NameStableCo.Coinbase.Strategy Riot Pla.MARA Hut 8  
Mkt Price2.08159.2493.3923.9613.37105.7958.67
Mkt Cap-42.231.28.35.111.711.7
Rev LTM-6,560490653868284653
Op Inc LTM-730-40-389-907-139-139
FCF LTM-1,756-22,145-1,273-1,283-814-1,273
FCF 3Y Avg-1,958-17,902-1,116-901-424-901
CFO LTM-1,756-51-634-835-133-133
CFO 3Y Avg-1,974-44-337-650-87-87

Growth & Margins

USDECOINMSTRRIOTMARAHUTMedian
NameStableCo.Coinbase.Strategy Riot Pla.MARA Hut 8  
Rev Chg LTM--5.8%6.8%42.4%23.1%114.6%23.1%
Rev Chg 3Y Avg-37.1%-0.6%38.6%130.6%48.6%38.6%
Rev Chg Q--30.5%11.9%3.6%-18.4%225.5%3.6%
QoQ Delta Rev Chg LTM--8.7%2.8%0.9%-4.3%20.9%0.9%
Op Inc Chg LTM--68.3%39.1%-9.7%-62.0%-99.3%-62.0%
Op Inc Chg 3Y Avg-111.3%-247.9%-38.3%-101.0%-368.0%-101.0%
Op Mgn LTM-11.1%-8.2%-59.5%-104.5%-49.0%-49.0%
Op Mgn 3Y Avg-19.9%-8.2%-74.5%-73.0%-36.4%-36.4%
QoQ Delta Op Mgn LTM--9.2%0.3%-6.5%-13.8%-7.6%-7.6%
CFO/Rev LTM-26.8%-10.4%-97.0%-96.2%-46.6%-46.6%
CFO/Rev 3Y Avg-31.1%-9.3%-62.2%-90.9%-49.8%-49.8%
FCF/Rev LTM-26.8%-4,515.1%-194.8%-147.8%-286.4%-194.8%
FCF/Rev 3Y Avg-30.7%-3,780.6%-243.1%-122.8%-213.3%-213.3%

Valuation

USDECOINMSTRRIOTMARAHUTMedian
NameStableCo.Coinbase.Strategy Riot Pla.MARA Hut 8  
Mkt Cap-42.231.28.35.111.711.7
P/S-6.463.612.75.941.312.7
P/Op Inc-57.8-771.1-21.4-5.6-84.4-21.4
P/EBIT-39.769.4-9.9-2.6-28.3-2.6
P/E-52.7-2.6-9.6-2.5-37.6-2.6
P/CFO-24.0-613.1-13.1-6.1-88.6-13.1
Total Yield-1.9%-39.0%-10.4%-40.1%-2.7%-10.4%
Dividend Yield-0.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg-4.3%-34.3%-37.0%-24.8%-18.3%-24.8%
D/E-0.20.30.10.50.00.2
Net D/E--0.10.20.10.40.00.1

Returns

USDECOINMSTRRIOTMARAHUTMedian
NameStableCo.Coinbase.Strategy Riot Pla.MARA Hut 8  
1M Rtn-43.8%-12.8%-37.6%-15.2%-10.0%-20.1%-17.6%
3M Rtn-43.8%-7.9%-23.9%90.9%66.3%123.4%29.2%
6M Rtn-43.8%-29.6%-38.5%89.1%48.9%130.3%9.7%
12M Rtn-43.8%-52.5%-75.0%112.6%-14.8%472.5%-29.3%
3Y Rtn-43.8%122.6%172.7%102.7%-3.5%906.6%112.6%
1M Excs Rtn-42.2%-11.3%-36.1%-13.6%-8.4%-18.6%-16.1%
3M Excs Rtn-58.4%-23.4%-39.8%79.2%49.2%110.9%12.9%
6M Excs Rtn-52.1%-40.2%-48.3%73.0%32.5%108.3%-3.9%
12M Excs Rtn-64.4%-75.2%-97.5%91.4%-35.3%448.2%-49.9%
3Y Excs Rtn-116.7%84.2%132.6%49.6%-59.5%833.7%66.9%

Comparison Analyses

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Financials

Price Behavior

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USDE Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta4.715.775.675.906.645.44
Up Beta8.13-10.448.19-9.2910.84-7.49
Down Beta
Up Capture-296%-146%-71%-43%-19%-2%
Bmk +ve Days11244067140429
Stock +ve Days000000
Down Capture-0%-0%-0%-0%-0%-0%
Bmk -ve Days10172358112321
Stock -ve Days222222

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with USDE
USDE-43.9%114.0%-38.18-
Sector ETF (XLF)5.9%14.6%0.17-74.1%
Equity (SPY)21.8%12.5%1.3099.9%
Gold (GLD)21.7%27.7%0.69-98.6%
Commodities (DBC)21.4%18.6%0.9062.1%
Real Estate (VNQ)13.0%13.7%0.65-41.3%
Bitcoin (BTCUSD)-45.0%42.6%-1.28-18.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with USDE
USDE-10.9%114.0%-38.18-
Sector ETF (XLF)10.6%18.6%0.44-74.1%
Equity (SPY)13.5%17.1%0.6199.9%
Gold (GLD)17.4%18.3%0.77-98.6%
Commodities (DBC)6.8%19.5%0.2562.1%
Real Estate (VNQ)2.8%18.8%0.05-41.3%
Bitcoin (BTCUSD)11.9%53.7%0.41-18.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with USDE
USDE-5.6%114.0%-38.18-
Sector ETF (XLF)13.5%22.2%0.56-74.1%
Equity (SPY)15.4%18.0%0.7399.9%
Gold (GLD)11.9%16.1%0.60-98.6%
Commodities (DBC)5.6%18.0%0.2462.1%
Real Estate (VNQ)5.4%20.7%0.22-41.3%
Bitcoin (BTCUSD)56.6%66.3%0.97-18.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

SEC Filings

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Core Cache Last Updated: 7/1/2026