TLGY Acquisition Corp. and Stablecoin X Assets have secured an additional $530 million in private investment in public equity financing. This new capital supports their previously announced business combination, which will form StablecoinX Inc once the transaction closes.
The financing puts total PIPE commitments at $890 million and positions the combined company as a major treasury vehicle in the Ethena stablecoin ecosystem. The financing will be used to fund a multi-year treasury strategy focused on accumulating reserves of ENA, the native token of the Ethena protocol.
At closing, the company will expect to have in custody over 3 billion ENA tokens. It will position itself as the first pure-play treasury company in the Ethena vertical and offer investors a new way to gain structured exposure to stablecoins.
Ethena Foundation to use proceeds for ENA purchases
The follow-on PIPE saw YZi Labs, Brevan Howard, Susquehanna Crypto, IMC Trading, and repeat investors, including Dragonfly, ParaFi Capital, Maven11, Kingsway, Mirana, and Haun Ventures, participate. The offering began for $10 per share.
The company will use a portion of the profit to buy reduced-priced staked ENA through an Ethena Foundation subsidiary. It will keep the tokens in safekeeping until the deal closes, aligning the foundation and shareholders.
The Ethena Foundation will put all token sale profits to purchasing ENA through public markets, improving liquidity further.
This strategy outlines efforts to sustain stability and continue the development of the digital dollar products by Ethena, such as USDe and USDtb. To guide long-term alignment, SC Assets also created a Strategic Advisory Board.
Rob Hadick at Dragonfly will chair the board, which will offer advice on governance, partnerships, and market structure. The company will expand the board before closing. The closing of the transaction will occur in the fourth quarter of 2025, subject to shareholder approval and the regulators’ conditions.
Stablecoin market sees rising institutional interest
When finished, the Class A shares of StablecoinX will be traded on Nasdaq using the symbol USDE. The announcement demonstrates growing interest in the stablecoin segment, with Ethena becoming the third-largest synthetic dollar issuer, following Tether and Circle. The USDe in circulation already exceeds the $12 billion mark.
With a permanent capital base, additional resources, and institutional partnerships, StablecoinX will introduce strength and scale to the Ethena ecosystem while presenting an entry point to public market investors.
The advisor firms in the deal are Cohen & Company Capital Markets, Perkins Coie, Ropes & Gray, Edelman Legal Advisory, and Morgan Lewis. The closing of the deal will be a significant step in connecting world capital markets and stablecoin innovation.
