TLGY Acquisition Corp. has entered into a definitive agreement to merge with StablecoinX Assets Inc., creating a new entity named StablecoinX Inc. focused on validator services and treasury management within the Ethena ecosystem. The transaction is backed by $360 million in private investment in public equity (PIPE) financing, with $60 million contributed by the Ethena Foundation and the remainder from prominent crypto funds including Pantera Capital, Galaxy Digital, Polychain, and Ribbit Capital.
Strategic Deployment of Capital
The proceeds will fund a multi-year plan to accumulate ENA, the native token of Ethena, which underpins one of the largest decentralized stablecoin systems. StablecoinX aims to maximize ENA per share through validator operations, staking, and strategic accumulation under a permanent capital mandate, offering public market investors transparent and well-governed exposure to the Ethena ecosystem.
Executive Insights
Young Cho, CEO of TLGY and SC Assets, stated: “This transaction gives public market investors transparent, well‑governed access to the Ethena ecosystem. Deploying capital to accumulate ENA will enable StablecoinX to capture the value driven by the demand for digital dollars while compounding intrinsic value per share.” Guy Young, founder of Ethena Labs and advisor to StablecoinX, added: “StablecoinX’s treasury program is a milestone for broadening institutional access to the Ethena ecosystem. We’re excited to support a strategy that deepens ENA liquidity, bolsters Ethena’s ecosystem, and aligns shareholder value with the long‑term success of USDe, USDtb, and other upcoming Ethena products.”
Five-Year Collaboration Agreement
StablecoinX has also entered into a five-year collaboration agreement with Ethena, including rights to participate in future token offerings. This structure is expected to further drive adoption of ENA tokens and enhance the growth of the Ethena ecosystem by aligning incentives between the treasury manager and the protocol.