TLGY Acquisition Corp. and StablecoinX Assets Inc. have announced a definitive agreement for a business combination, forming StablecoinX Inc., an Ethena stablecoin-focused treasury company. The merger is supported by approximately $360 million in Private Investment in Public Equity (PIPE) financing, positioning StablecoinX as the first pureplay treasury company in the stablecoin vertical. The combined entity is expected to list on Nasdaq under the ticker symbol “USDE” following the transaction's completion.
The $360 million PIPE financing comprises $260 million in cash and $100 million in discounted Ethena (ENA) tokens. Key investors contributing to this capital raise include the Ethena Foundation, which committed $60 million, alongside prominent firms such as Dragonfly, Ribbit Capital, Blockchain.com, Pantera Capital, ParaFi Capital, Haun Ventures, Polychain Capital, Galaxy Digital, and Wintermute. This substantial investment underscores confidence in the emerging stablecoin treasury model.
StablecoinX's core mandate is to accumulate and permanently hold ENA tokens, Ethena's native asset, on its balance sheet. This strategy, which prohibits the sale, lending, or pledging of these tokens without Ethena Foundation's approval, mirrors the approach of Bitcoin treasury companies that acquire BTC as a long-term strategic asset. Young Cho, CEO of TLGY and SC Assets, stated that this move provides public market investors with "transparent, well‑governed access to the Ethena ecosystem."
Ethena is recognized as a significant issuer of digital dollars, alongside established players like Tether and Circle. The Ethena Foundation will maintain majority voting power in StablecoinX post-merger and has initiated a buyback program for ENA tokens to support the new company's reserves. The collaboration also includes a five-year renewable partnership, with a joint investment committee overseeing treasury operations.
The transaction, announced on July 21, 2025, is anticipated to close in the fourth quarter of 2025, subject to regulatory approvals and shareholder consent. StablecoinX aims to capitalize on the growing demand for digital dollars, providing public market exposure to the stablecoin market through its unique treasury model. The company's formation marks a significant development in the integration of cryptocurrency assets into traditional financial markets.