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TLGY Acquisition Corp. (OTC: TLGYF) has announced a definitive agreement for a business combination with StablecoinX Assets Inc., a validator and infrastructure business supporting the Ethena ecosystem. The combined entity will be named StablecoinX Inc. and plans to list on Nasdaq under the ticker symbol "USDE".
The company has rescheduled its conference call to discuss the transaction with securities analysts for July 22, 2025, at 8:30 a.m. ET. StablecoinX will file a registration statement on Form S-4 with the SEC, including a preliminary proxy statement and prospectus. The transaction is subject to various closing conditions, including TLGY shareholder approval and regulatory clearances.
TLGY Acquisition Corp. (OTC: TLGYF) has announced a business combination with StablecoinX Assets Inc. to form StablecoinX Inc., aiming to become the first pure-play treasury company in the Ethena stablecoin ecosystem. The combined company will seek Nasdaq listing under ticker "USDE".
The transaction includes a substantial $360 million PIPE financing, with $260 million in cash and $100 million in discounted ENA tokens. Key investors include the Ethena Foundation ($60M), Dragonfly, Ribbit Capital, Blockchain.com, and others. The company will implement a strategic ENA token accumulation program, supported by a $260 million token buyback initiative from the Ethena Foundation.
The deal features a 5-year collaboration agreement with Ethena Foundation, who will maintain majority voting control through Class B shares. The transaction is expected to close in Q4 2025, subject to shareholder approval and Nasdaq listing requirements.
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