TLGY Acquisition Corp. (OTC: TLGYF) and StablecoinX Assets Inc. reported securing an extra $530 million in private investment in public equity (PIPE) financing. This adds to the initial $360 million PIPE financing announced in July 2025, bringing the total committed PIPE financing to $890 million.
The combined entity, to be named StablecoinX Inc. upon transaction closure, anticipates holding over 3 billion ENA tokens. This transaction is expected to create the first pure-play treasury company within the Ethena stablecoin sector.
Several prominent firms participated in the additional PIPE funding, including YZi Labs, Brevan Howard, Susquehanna Crypto, and IMC Trading. Returning investors included Dragonfly, ParaFi Capital, Maven11, Kingsway, Mirana, and Haun Ventures. The additional PIPE shares were priced at $10 each.
Young Cho, CEO of both TLGY and SC Assets, emphasized that the additional funding underscores investor confidence in their strategy. This strategy provides investors with direct exposure to stablecoin growth within the Ethena ecosystem. The funding will facilitate a multi-year ENA accumulation strategy, offering transparent access to the Ethena ecosystem for public market investors.
Marc Piano, Director at the Ethena Foundation, highlighted the July agreement’s focus on long-term alignment. He stated that the additional capital enhances ecosystem resilience, improves ENA liquidity, and supports the growth of USDe, USDtb, and future Ethena products. The Ethena Foundation subsidiary will use proceeds from the locked ENA token sale to buy more ENA on public markets.
A new strategic advisory board has been established at SC Assets. This board will offer strategic guidance, complementing the existing board of directors and management team. The board’s focus will be on long-term value creation for public shareholders. Rob Hadick, General Partner at Dragonfly, will chair the advisory board.
Rob Hadick noted the high demand for exposure to stablecoin growth and highlighted StablecoinX‘s unique access point for public market investors. He emphasized Ethena‘s position as a significant digital synthetic dollar issuer.
Guy Young, founder of Ethena Labs and advisor to StablecoinX, pointed to the significant increase in USDe circulation and a partnership with Anchorage Digital Bank for USDtb. He believes USDtb is positioned to become the first stablecoin compliant with the GENIUS Act. He also emphasized that StablecoinX‘s resources will support and secure the Ethena ecosystem.
The transaction is anticipated to close in Q4 2025, subject to shareholder approval and other customary closing conditions. StablecoinX‘s Class A common shares are expected to be listed on Nasdaq under the ticker symbol “USDE” upon closing. Several firms served as advisors on the transaction, including Cohen & Company Capital Markets, Perkins Coie LLP, Ropes & Gray LLP, Edelman Legal Advisory PLLC, and Morgan, Lewis & Bockius LLP.
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