TLGY Acquisition Corp. Announces Business Combination and Approximately $360 Million PIPE Financing to Form StablecoinX, an Ethena Stablecoin-Focused Treasury Company

Core Viewpoint - The business combination between TLGY Acquisition Corp. and StablecoinX Assets Inc. aims to create the first pure-play treasury company in the Ethena stablecoin vertical, with plans to list on Nasdaq under the ticker "USDE" [1][13]. Group 1: Business Combination Details - TLGY has entered into a definitive agreement for a business combination with SC Assets, which will be named StablecoinX [1]. - The transaction includes a $360 million private investment in public equity (PIPE), with significant contributions from the Ethena Foundation and other leading investors [2][13]. - The combined company will focus on accumulating ENA, the native token of the Ethena protocol, to build a treasury strategy that supports shareholder value [3][4]. Group 2: Strategic Objectives - StablecoinX aims to secure a strategic stake in the Ethena protocol, which is the third-largest issuer of digital dollars on-chain, enhancing its position in the growing demand for digital currencies [3][4]. - The treasury program is designed to provide institutional investors with transparent access to the Ethena ecosystem, facilitating large-scale ENA accumulation [6][7]. - A multi-year collaboration agreement between StablecoinX and the Ethena Foundation will govern their partnership, ensuring long-term capital efficiency and alignment of interests [5][9]. Group 3: Financial Structure and Governance - The PIPE financing will be used to purchase discounted locked ENA tokens, which will be held in a custody account for investors [13]. - The Ethena Foundation will hold a majority of the voting power in StablecoinX after the transaction, ensuring governance stability [13]. - Capital allocation decisions will require majority approval from a three-member Investment Committee, comprising representatives from both StablecoinX and the Ethena Foundation [12].