TLGY Merges With SC Assets To Form StablecoinX Inc. Raising $360 Million For ENA Treasury Strategy

TLGY Acquisition Corp., a Nasdaq-listed shell company, is merging with SC Assets, a startup focused on Ethena validator operations, to form StablecoinX Inc. This new entity aims to establish a treasury strategy centered around ENA, the governance token of Ethena, a synthetic dollar protocol on the Ethereum network. The merger is set to create the first publicly traded firm dedicated to acquiring Ethena and implementing a treasury strategy.

StablecoinX has successfully raised $360 million in capital, which includes $60 million in Ethena (ENA) from the Ethena Foundation. This significant investment is backed by prominent cryptocurrency venture capital firms, including Pantera Capital, Dragonfly, Ribbit Capital, Blockchain.com, Haun Ventures, and Galaxy Digital. The new company will be listed on the Nasdaq Global Market under the ticker symbol USDE.

The primary objective of StablecoinX is to become a pure-play treasury company targeting the stablecoin sector. The firm will deploy its capital to accumulate ENA at scale, following a deliberate, multi-year capital allocation strategy. This approach is designed to capture the value driven by the increasing demand for digital dollars while compounding intrinsic value per share. According to Young Cho, the CEO of TLGY and SC Assets, this move provides public market investors with transparent and well-governed access to the Ethena ecosystem.

Ethena, known for its synthetic dollar protocol, has gained significant traction with its USDe and USDtb stablecoins. While Ethena ranks as one of the top issuers of U.S. dollar-backed tokens, its ENA token is not easily accessible to users in traditional capital markets. StablecoinX aims to address this by making ENA more accessible and integrating it into its treasury strategy.

The new company plans to purchase $5 million worth of Ethena tokens daily over the next six weeks. These purchases will be executed via third-party market makers, with 100% of the $260 million available in cash. This strategy allows StablecoinX to acquire approximately 8% of the ENA circulating supply. Further capital injections directed towards buying the altcoin will be allocated to spot deals, ensuring a steady accumulation of ENA tokens.

This merger and the subsequent treasury strategy represent a significant development in the cryptocurrency market. By focusing on ENA and the stablecoin sector, StablecoinX aims to provide investors with a unique opportunity to participate in the growing demand for digital dollars. The strategic move by TLGY and SC Assets to form StablecoinX Inc. underscores the increasing interest in crypto treasury assets and the potential for long-term value creation in the stablecoin market.

Ethena isn’t some standard stablecoin protocol. The project issues USDe, a synthetic dollar that doesn’t use treasury bills like USDC or USDT. Instead, it holds stETH, a tokenized version of staked Ether. The goal is to peg USDe’s price through a basis trade strategy, the same one hedge funds use; earning on the spread between spot and futures prices. In crypto, it’s called the cash-and-carry trade, and it’s been printing returns lately as bullish funding rates shoot up. This is exactly the structure StablecoinX is designed to bet on. They’re betting on one token, one protocol, and one structure to deliver long-term returns. TLGY also confirmed it signed a five-year agreement with the Ethena Foundation to join future ENA offerings, so they’re not holding, they’re staying in the ecosystem for the long run.

Ethena has a strategic relationship with World Liberty Financial, a crypto firm that’s connected to President Donald Trump’s family. The alignment gives StablecoinX a foot inside the growing intersection of crypto and U.S. politics, something that’s gotten more relevant as Congress moves forward on crypto legislation. Young Cho, the CEO of TLGY, called the decision a “deliberate, multi-year capital allocation strategy that will enable StablecoinX to capture the value driven by the secular surge in demand for digital dollars while compounding intrinsic value per share.”

Despite the market cap of ENA dropping from earlier highs, it still sits over $3 billion. The transaction is set to close in the fourth quarter of 2025. After that, StablecoinX plans to list on the Nasdaq under the ticker USDE, tying the company’s entire public identity to Ethena’s stablecoin product.