StablecoinX Secures $260 Million for ENA Treasury Strategy

StablecoinX, a newly-formed validator and infrastructure business, has announced a significant investment of $260 million to launch the ENA Treasury Strategy. This initiative is part of a broader business combination with TLGY Acquisition Corp., a special purpose acquisition company. The combined entity, to be named StablecoinX Inc., aims to become the first pure-play treasury company in the Ethena stablecoin vertical. Following the completion of the transaction, StablecoinX plans to list its Class A common shares on the Nasdaq under the ticker symbol "USDE."

The investment is anchored by approximately $360 million in new capital, including a $60 million contribution from the Ethena Foundation and additional commitments from leading investors. The proceeds from this private investment in public equity (PIPE) will support a multi-year treasury strategy aimed at building a reserve of ENA, the Ethena protocol’s native token. Ethena is recognized as the third-largest issuer of digital dollars on-chain, following Tether and Circle.

To initiate the acquisition plan, StablecoinX will use the $260 million net cash proceeds (after deducting related expenses) from the financing to purchase locked ENA tokens from a subsidiary of the Ethena Foundation. Starting today, a subsidiary of the Ethena Foundation (through a third-party market maker) will strategically acquire ENA tokens on public trading platforms using the full $260 million cash obtained from the token sale over the next few weeks, aligning the Foundation's interests with StableCoinX shareholders. Approximately $5 million will be spent daily over the next 6 weeks on the acquisition. Based on current prices, the $260 million represents approximately 8% of ENA's circulating market value.

The Ethena Foundation has sole decision-making power to veto any sale of ENA tokens by StableCoinX. Ideally, these tokens will only be used for holding and not for sale. If StableCoinX later raises funds to purchase more locked ENA from the Ethena Foundation or its affiliates, the proceeds from these token sales will be used for spot purchases of ENA.

The strategic accumulation of ENA is expected to generate shareholder value by securing a strategic stake in a protocol at the forefront of the accelerating global demand for digital dollars. StablecoinX believes that large-scale ENA accumulation will enable its shareholders to gain early exposure to the secular stablecoin supercycle. Young Cho, CEO of TLGY and CEO of SC Assets, emphasized that Ethena's strong position as a top issuer of digital dollars makes it a direct beneficiary of the growth in stablecoin adoption. However, the native token ENA is difficult to access in traditional capital markets, making this transaction a significant opportunity for public market investors to gain transparent, well-governed access to the Ethena ecosystem.

To facilitate the accumulation of ENA after the closing of the transactions, StablecoinX and the Ethena Foundation have entered into a multi-year collaboration agreement. This agreement governs the continued partnership between the two parties and includes a token purchase agreement, pursuant to which SC Assets will use the cash proceeds from the PIPE to make an initial purchase of discounted locked ENA from the Ethena Foundation subsidiary. The Ethena Foundation subsidiary plans to use the proceeds from the token sale to strategically purchase ENA across publicly traded venues, aligning the Foundation’s incentives with those of StablecoinX shareholders.

Guy Young, founder of Ethena Labs and advisor to StablecoinX, highlighted that StablecoinX’s treasury program is a milestone for broadening institutional access to the Ethena ecosystem. By systematically accumulating ENA through a transparent, permanent-capital vehicle, StablecoinX will provide public market investors with a clear, accessible way to gain exposure to one of the most compelling growth stories in finance—the digital dollars upgrading money to the internet era.

Following the business combination, StablecoinX will operate infrastructure and staking services, running validators and related technical services for the Ethena protocol. The company's management is committed to maximizing ENA per share, directing excess capital and ecosystem earnings into strategic ENA accumulation so that each outstanding share steadily increases its backing over time.

The transaction is expected to close in the fourth quarter of 2025, subject to shareholder approval, StablecoinX’s successful listing on the Nasdaq, and other customary closing conditions. The shares, warrants, and units of TLGY will continue to trade under the symbols "TLGYF," "TLGWF," and "TLGUF," respectively, until the closing of the proposed transaction. Following the closing, StablecoinX’s Class A shares and warrants are expected to trade on Nasdaq under the ticker symbols "USDE" and "USDEW," respectively.