TLGY announces that it has reached a definitive agreement to complete a business combination and secured $360 million in commited PIPE financing to form StablecoinX, a stablecoin-focused Ethena treasury company StablecoinX is expected to be the first pureplay treasury company in the stablecoin vertical and will seek to be listed on Nasdaq under the ticker “USDE"

As @ethena_labs is the third-largest issuer of digital dollars on-chain, after Tether and Circle, our treasury initiative supports StablecoinX’s objective of generating shareholder value by securing a strategic stake in a protocol at the forefront of the accelerating global demand for digital dollars Proceeds from the PIPE will anchor a multi-year treasury strategy to build a reserve of ENA, the Ethena protocol’s native token We believe large-scale ENA accumulation will enable shareholders to secure early, direct exposure to the secular Stablecoin Supercycle

This transaction has two primary parts: Under an agreement with the Ethena Foundation, we may direct an initial purchase of locked ENA, matching the PIPE proceeds The Ethena Foundation subsidiary, via intermediary market makers, will use all cash proceeds from the token sale to strategically purchase ENA across publicly traded venues starting today, further aligning the Foundation’s incentives with those of StablecoinX shareholders

Young Cho, CEO of TLGY commented, “As a top-three issuer of digital dollars alongside Tether and Circle, Ethena is a direct beneficiary of the growth in stablecoin adoption. But, it is currently difficult for investors to capitalize on its strong position since the native token ENA is difficult to access in traditional capital markets. This transaction gives public market investors transparent, well‑governed access to the Ethena ecosystem. Deploying capital to accumulate ENA at scale is 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. We are pairing the rigor of soon-to-be Nasdaq‑listed company with the velocity of crypto innovation, and I’m thrilled to be leading this effort.”