StablecoinX Assets to go public via a SPAC merger with TLGY Acquisition.

StablecoinX Assets, a newly-formed validator and infrastructure business, agreed to go public via a SPAC merger with TLGY Acquisition, a special purpose acquisition company. Financial terms were not disclosed. The transaction includes a PIPE investment from Ethena Foundation, Dragonfly, Ribbit Capital, Blockchain.com, Pantera Capital, ParaFi Capital, Haun Ventures, Polychain Capital, Galaxy Digital, Wintermute, and others. "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," Young Cho, TLGY Acquisition CEO.