Material Agreement (Form 8-K)

Item 1.01 Entry into a Material Definitive Agreement.

On September 14, 2026, StablecoinX Inc. (the "Company") and its subsidiary, StablecoinX Assets Inc. ("SC Assets") entered into a Waiver Letter (the "Waiver Letter") with Ethena OpCo Ltd. ("Ethena OpCo") and the Ethena Foundation (the "Foundation," and together with Ethena OpCo, the "Ethena Parties").

Pursuant to the Waiver Letter, the Ethena Parties agreed, effective as of October 5, 2026 (the "Waiver Effective Date"), to permanently waive, release and terminate all lock-up, vesting and unlocking restrictions (collectively, the "Lock-Ups") applicable to the ENA tokens held by, or deliverable to, the Company and its subsidiaries (the "Subject ENA Tokens"), including the 48-month contractual lock-up pursuant to the terms of those certain token purchase agreements applicable to the Subject ENA Tokens purchased by the Company as part of the PIPE in connection with its business combination with TLGY Acquisition Corporation. The Waiver Effective Date aligns with the lock-up release date that the Foundation already announced for other ENA token holders.

The Waiver Letter also establishes a framework for the Company to sell ENA tokens to fund working capital and strategic requirements in connection with activities that are value-accretive to the Ethena ecosystem (each, a "Funding Sale"). To effect a Funding Sale, the Company must provide the Foundation with not less than five (5) business days' prior written notice, during which the Foundation may elect to acquire all or any portion of the ENA at the proposed price, with the Company permitted to proceed if the Foundation does not respond or exercise such right within the notice period.

Notwithstanding the foregoing, any sale, transfer or other disposition of ENA by the Company will continue to require the prior written consent (which shall not be unreasonably withheld) of the Foundation under Section 4.2(b) of the Amended and Restated Collaboration Agreement, dated September 5, 2025, by and among the Company, SC Assets and the Ethena Parties (the "Collaboration Agreement"). Furthermore, the waiver does not affect any restriction arising under applicable law or regulation, or the Company's other obligations under the Collaboration Agreement.

The foregoing description of the Waiver Letter does not purport to be complete and is qualified in its entirety by reference to Waiver Letter, a copy of which is filed as Exhibit 10.1 hereto and is incorporated herein by reference.