STX · two mints on every Bitcoin block, and nothing coming back.

Stacks pays a miner a freshly minted STX reward on every Bitcoin block. That reward was cut to 500 STX in Apr 2026, then restored to 1,000 STX on Jul 30 2026 by an upgrade that also deleted the reduction plan entirely — so there is no halving ahead and no cap. Read off the chain's own supply figure at both ends of the window, the miner reward created 7.77M STX in the last 90 days. The next 90 days sit wholly on the higher rate: 12.72M.

Every STX from the 2019 offerings is already free. The chain has reported its locked share at zero for years, at both ends of this window and at every earlier point checked, so no release calendar from that era survives. The endowment's own 100M tranche does unlock a twenty-fourth of itself roughly every 30 days, but those coins were minted in Jul 2025 and already sit inside the counted supply, and their terms place them privately with 12 to 36 month lockups rather than on the open market.

Three endowment wallets carry the team-controlled overhang: the mint address the endowment stream pays into (45.94M STX), the operating multisig that spends it (7.19M) and a retired wallet now empty. Balance alone is not the test, so the full send-and-receive log was read at both ends. 102.6M STX left the pair inside the window and 117.0M came back, leaving it 14.37M richer than it started — the flow is real but it round-trips. The endowment reported 112M STX of long-term holdings at the end of Jun 2026, more than these wallets show, so part of it sits elsewhere. Nothing was released on a net basis in the window — monitored.

No bankruptcy estate, trustee or court-administered pool holds STX, and no legacy distribution schedule exists that could put an old position onto the market. There is nothing in this row to watch.

A second mint runs alongside the miner reward and funds a five-year ecosystem endowment. It pays at the start of each mining tenure rather than on every Bitcoin block, and it stepped from 475 to 1,140 STX on Jul 30 2026 — the same day the miner reward doubled. That produced 5.95M STX over the last 90 days and projects to 9.74M over the next. Only about 68 of every 100 Bitcoin blocks won a tenure in the window, which is why this stream comes in below its headline rate. The programme runs to 2030 and steps up again at Bitcoin block 1,012,860.

Stacks runs no buyback. There is no repurchase contract, no auction that retires STX and no published programme that spends revenue on the token, so nothing is bought back and no accumulation wallet exists behind this row.

Transaction fees on Stacks are paid to miners, not destroyed. What gets consumed is the bitcoin miners commit, and the Jul 30 2026 upgrade routes even that into the reward pool instead of burning it. STX supply itself has never fallen — it rose at every height sampled across this window — and no dead address holds any.

The endowment buys nothing. It is funded by new issuance, and its own reporting describes capital being spent into liquidity, market making and grants — about $7.3M in the Apr to Jun quarter — rather than STX being purchased on the market. Nothing was bought inside the window. No public evidence of release in window — monitored.

Stacking locks STX for roughly two-week reward cycles and pays the reward in bitcoin rather than STX, so it never buys the token back. The locked coins also stay inside the counted supply and come free at each cycle end, which makes stacking custody rather than a lock. It shrank anyway: 566.01M STX was locked at the start of the window against 392.45M now, and the Jul 30 2026 upgrade released every existing lock. A new bitcoin-bond product went live the same day with no committed size.