StablecoinX, Inc. · NASDAQ:USDE
StablecoinX — Investor Presentation (October 2026)
37 slides from StablecoinX's investor presentation, Oct 28, 2026
Slide 1: Institutional Infrastructure for the Global Stablecoin
— pani : Institutio cture for the Global Stablecain
Slide 2: Safe Harbor: Forward-Looking Statements
SAFE HARBOR Forward-Looking Statements This presentation contains certain forward-looking statements within the meaning of the U.S. federal securities laws, including statements regarding Stablecoinx Inc.'s ("StablecoinX" or the "Company") expectations with respect to future performance, business st
Slide 3: Safe Harbor: Important Notices
SAFE HARBOR is] Important Notices Statements Regarding Ethena and Ethena Products. All statements in this presentation regarding Ethena, USDe, sUSDe, USDtb, ENA and other Ethena-related products and tokens reflect the views, interpretations and estimates of StablecoinX only. They have not been revie
Slide 4: Agenda
AGENDA From Market to Opportunity 60 1 62 03 04 Introduction Why Stablecoins? Why Ethena Wins? Why StablecoinX? The Opportunity Stablecoinx | Investor Presentation Introduction Opportunity, leadership Product-market fit, capital efficiency, machine-native money How USDe works, distribution moat, res
Slide 5: Executive Summary
EXECUTIVE SUMMARY A public operating company built to support the fastest- growing synthetic dollar ecosystem in crypto Sources: Defillana ( trai Stablecoinx | Investor Pres oa USDe's Track Record ° Ethena's synthetic dollar (USDe) was the fastest digital dollar to $10B supply: 620 days 251 days to
Slide 6: StablecoinX Leadership Team
STABLECOINX LEADERSHIP TEAM Operators who've allocated, built, and shipped product in this market Christopher Jensen CHIEF EXECUTIVE OFFICER 20-year institutional ivestor~last 1 at Franklin Templeton, most eoontly PM and Director of Digital Asset Research; earlier Head of Credit, Digital Lending, St
Slide 7: Why Stablecoins?
SECTION 01 Why Stablecoins? Product-market fit, capital efficiency, machine-native money StablecoinX | Investor Presentation 01 — Why Stablecoins? 007
Slide 8: ChatGPT Moment
CHATGPT MOMENT What looks like a crypton iche is becoming default financial infrastructure. Stablecoinx | Investor Presentation i
Slide 9: Product Market Fit
PRODUCT MARKET FIT (sc) Stablecoins are becoming the payment rails and the savings accounts for on-chain finance TOTAL STABLECOIN SUPPLY: ANNUAL VOLUME, 2025: CARD NETWORKS VS. ~49X SINCE 2020 ADJUSTED STABLECOIN TRANSFERS $4.0T ~$16.7T ~$11T+ $1.9T ~$10.6T $7.58 $300B+ : a 2020 TODAY 2030E BASE — 2
Slide 10: A Growing Segment
A GROWING SEGMENT Few stablecoin balances today sit in rewards-linked products. We believe that is the opportunity, not the market. SHARE OF TOTAL STABLECOIN SUPPLY HELD IN SAVINGS OR REWARDS PROGRAMS TODAY ~ ~$158 REWARD-BEARING J ~5% earning 2030E - ~$3808 REWARD-BEARING PROJECTED -_ | aieailia In
Slide 11: Sizing the Reward-Bearing Pool
SIZING THE REWARD-BEARING POOL Bank money is mostly yield-bearing. Stablecoins are not, yet. FED H.6, AUG 2026 us M2, ~ (o) interest-bearing (o) TODAY Stablecoin supply, ~ 5 % ° reward-bearing Sources: Federal Reserve H.6 (Aug 2026); Citi Institute, “Stablecoins 2030” (Sep 2025); JPMorgan (2625); on
Slide 12: Agents Need Machine-Native Money
AGENTS NEED MACHINE-NATIVE MONEY AI agents are starting to transact, and stablecoins are the rails they can use natively. ADJUSTED STABLECOIN VOLUME, 2025 117+ LEGACY RAILS STABLECOIN RAILS SETUP Bank accounts, merchant agreements, onboarding per A wallet and an API call institution , Between Master
Slide 13: The Incentive Layer for On-Chain Finance
THE INCENTIVE LAYER FOR ON-CHAIN FINANCE Every dollar on-chain wants to be more productive. Ethena is becoming the standardized way it does. LAYER 3 — DEMAND Applications LAYER 2 — STANDARD The Incentive Layer LAYER 1 — SUPPLY Strategies Stablecoinx | Investor Presentation s: Stablecoinx; Ethena USD
Slide 14: Why Ethena Wins?
SECTION 02 Why Ethena Wins? How USDe works, its moat, track record, and how value accrues to ENA StablecoinX | Investor Presentation Why Ethena Wins? 014
Slide 15: How USDe Works
HOW USDE WORKS USDe reserves earn from multiple uncorrelated strategies, not one basis trade » @ » 6 \ G » SHARE OF BACKING - OCT 1, 2026 | | TOTAL BACKING $4.89B WEIGHTED BACKING APY ~4.6% | PEAK SUPPLY $14.88 - OCT 2025 | 01 02 63 04 65 06 Crypto basis Equity & RWA DeFi lending Institutional RWAs
Slide 16: USDe's Moat vs. Other Earn-Bearing Stablecoins
USDE'S MOAT VS. OTHER EARN-BEARING STABLECOINS Breadth gets USDe listed. Depth makes it the default earn collateral, and that is hard to displace. BREADTH DEPTH — RETAIL EARN PROGRAM Integrated across major channel that Robinhood Earn holds dollars siaort custooy 67% 2.6x BlackRock (Aladdin, BUIDL)
Slide 17: Battle-Tested
BATTLE-TESTED Operational resilience through extreme volatility FEB 21, 2025 Bybit hack $1.4B of ETH stolen from Bybit, where Ethena had $1B+ of positions hedged. <2 hrs to close all Bybit exposure Key Success Factors: Collateral balances held off exchange (never on exchange) - Exposure was smaller
Slide 18: Supply Follows Rewards
SUPPLY FOLLOWS REWARDS People tend to hold USDe when using it pays more than alternatives USDE SUPPLY VS REWARD-RATES, APR 2024 - OCT 2026 READING THE CHART USDE SUPPLY (SB) $108 Peak ~$14.8B Oct 4, 2025 soe Now ~$4.9B sUSDe rewards averaged ~20% in December vs ~4.3% SEP 30, 2026 on T-bills; supply
Slide 19: The Path Back to the Prior Peak
THE PATH BACK TO THE PRIOR PEAK Funding is starting to recover and USDe's collateral backing is more diversified and distributed than before DRIVER 2 Funding is cyclical and showing signs of recovery Perpetual funding rates tend to mean-revert as leveraged market demand shifts. Ethena adjusts its ba
Slide 20: Capacity Is Growing
CAPACITY IS GROWING Tokenized equity and commodity perps are scaling fast HYPERLIQUID HIP-3 OPEN INTEREST, QUARTER-END ($B) 2026 — MOSTLY TOKENIZED EQUITIES, INDICES AND COMMODITIES $3.90B $3.10B $2.12B $0.47B START + JAN 17 Ql + MAR 31 Q2 + JUN 30 Q3 - SEP 30 Sources: Defillama, HyperlLiquid HIP-3
Slide 21: Stablecoin Competitive Landscape
STABLECOIN COMPETITIVE LANDSCAPE USDe's differentiated backing allows for an industry leading reward profile to incentivize adoption TOP STABLECOINS BY CIRCULATING SUPPLY, OCT 15, 2026 - TOTAL $303B Different structure, shared ecosystem # —STABLECOIN ISSUER SUPPLY SHARE BACKING RELATIONSHIP TO USDE
Slide 22: The Overhang Is Gone
THE OVERHANG IS GONE Four August 2026 updates address investor unlocks and ENA buybacks SELLER BUYOUTS INVESTOR UNLOCKS VALUE ACCRUAL FEE SWITCH @ BEFORE Seed investors who sold after the Oct 2025 peak still held unvested tokens and could keep selling Monthly VC unlocks (78.1M/month = 0.52% of total
Slide 23: ENA Value Accrual Is Live
ENA VALUE ACCRUAL IS LIVE The ENA fee switch passed governance in September 2026 ILLUSTRATIVE ENA BUYBACKS BY USDE SUPPLY MILESTONE USDE SUPPLY MILESTONE (14-DAY AVG.) Gross protocol APY (held constant) Annualized gross revenue Net revenue take rate for buybacks Stage Annualized buyback volume Buyba
Slide 24: Why StablecoinX?
SECTION 03 Why StablecoinX? Two flywheels and three operating businesses StablecoinX | Investor Presentation 03 — Why StablecoinX? 024
Slide 25: StablecoinX Overview
STABLECOINX OVERVIEW StablecoinX sits at the hub of a two-way bridge between Ethena and traditional finance © CAPITAL, INVESTORS, USERS THE BRIDGE PROTOCOL € € Ethena > StablecoinX @ NASDAQ: USDE USDe - sUSDe - USDtb - ENA ETHENA PRODUCTS, STRUCTURED AND WRAPPED > SEGMENT ~ DISTRIBUTION SEGHENT ~ SO
Slide 26: Why Ethena Needs a Partner
WHY ETHENA NEEDS A PARTNER Ethena is a protocol. StablecoinX brings platform to the ecosystems PROTOCOL What Ethena does ®@ Mints USDe through Ethena BVI © Does not market in the US © Runs strategies, reserves and redemptions © The Ethena Foundation stewards the ecosystem, including ENA governance a
Slide 27: Two Flywheels
TWO FLYWHEELS Two potential value-creation flywheels. Only one depends on a stock premium to NAV Equity at or StablecoinX products above NAV grow USDe supply eo Ae \ NX / \ Potential to Protocol Capital increase treasury e@ nents | value per share » Ado ption markets Rune even at acount NAV e @ NAV
Slide 28: Three Segments
THREE SEGMENTS Three businesses, each supporting the adoption flywheel row USDe utility supply SEGMENT — INFRASTRUCTURE SERVICES DVN Verifies cross-chain Ethena transfers; earns a fee on volume, so revenue grows with USDe usage. Stablecoinx | Investor Presentation SEGMENT — INFRASTRUCTURE SOFTWARE S
Slide 29: StablecoinX Harness - Roadmap
STABLECOINX HARNESS - ROADMAP From earn-as-a-service to a global dollar network Earn-as-a-service Plug-and-play Earn for non-US exchanges, fintechs, neobanks and wallets expanding access to Ethena products through third-party platforms. EXPECTED REVENUE MODEL SUPPLY COMPENSATION Paid by Ethena under
Slide 30: The Opportunity
SECTION 04 The Opportunity Treasury, valuation, governance StablecoinX | Investor Presentation 04 —The Opportunity 030
Slide 31: Illustrative Value Framework
ILLUSTRATIVE VALUE FRAMEWORK Illustrative Framework: Value Beyond the ENA Treasury ILLUSTRATIVE FRAMEWORK: ILLUSTRATIVE ~ MARKET CAPITALIZATION VS. MARKET VALUE OF ENA NOT TO SCALE Nor quanFIED | No QUANTIFIED ! $361M $618M NoT QUANTIFIED | $257M STABLECODIC naRKET OIFERENCE TO manger NARKET, VALUE
Slide 32: Relationship to Ethena - Governance
RELATIONSHIP TO ETHENA - GOVERNANCE Separate public company, strategically aligned with Ethena ALIGNED Largest ENA holder; economics tied to USDe growth. INDEPENDENT Own board, own committees, own public-company obligations. Source: Stablecoink SEC filings; Colla Stablecoinx | Investor Presentation
Slide 33: Every dollar on-chain will want to earn
siablecoinx Every dollar on-chair will want to earn. StablecoinX is the bridge that enables that in traditional markets. Stablecoinx | Investor Presentation
Slide 34: Appendix
Section A Appendix Reference material Stablecoinx | Investor Presentation Appendix 034
Slide 35: A1 - Capital Structure
Al - CAPITAL STRUCTURE Aclean cap stack: Share capital cLass SHARES Class A common, 24,029,576 Class B common 3,157,754 Source: S-1/A figures Stablecoinx | Investor Presentation two classes, one warrant complex % OF TOTAL 100% 190% Warrant summary VOTING TYPE couNT NON-VOTING SHARES Public warrants.
Slide 36: A2 - Ethena Ecosystem
A2 - ETHENA ECOSYSTEM Inside the ecosystem StablecoinxX is built on PRODUCT CATEGORY USDe SYNTHETIC DOLLAR USDtb TREASURY-BACKED STABLECOIN ENA GOVERNANCE TOKEN Ethena Pay PAYMENTS Whitelabel ISSUER-AS-A-SERVICE Source: Ethena product docunentation Stablecoinx | Investor Presentation OVERVIEW Backed
Slide 37: A3 - Glossary and Risk Factors
A3 — GLOSSARY AND RISK FACTORS Reference NAV DVN USDe sUSDe USDtb ENA Net asset value of the treasury per share Decentralized Verifier Node; verifies cross-chain messages Ethena’s synthetic dollar Staked USDe; accrues rewards via protocol incentive payments Ethena’s Treasury-backed stablecoin Ethena