StablecoinX Inc. (NASDAQ: USDE) has closed its business combination with TLGY Acquisition Corp. (OTCPK: TLGYF), positioning the company as the first public stablecoin infrastructure entity focused on the Ethena ecosystem. The transaction, which concluded on June 25, 2026, results in StablecoinX holding approximately 3,029 million ENA tokens valued at $275 million, based on the 30-day volume-weighted average price (VWAP) of ENA ending two days prior to closing. This treasury represents ENA assets of approximately $11.42 per fully diluted share. The company’s Class A common stock and public warrants are set to commence trading on the Nasdaq Capital Market on June 26, 2026, under the ticker symbols "USDE" and "USDEW", respectively. There are approximately 24 million publicly traded Class A shares outstanding.

Strategic Positioning and Assets

The closing of the transaction provides StablecoinX with a significant foothold in the digital asset sector through its ENA holdings, which constitute approximately 20% of the total ENA supply. These tokens were acquired at a discount to the then-current market price. A long-term collaboration agreement with the Ethena Foundation grants StablecoinX the ability to accumulate further ENA at a discount directly from Ethena. The company intends to utilize its ENA Treasury to secure its Decentralized Verifier Node (DVN), which verifies cross-chain messages for the Ethena ecosystem. Additionally, the treasury qualifies for ecosystem token airdrops and stands to benefit from the activation of Ethena’s protocol fee switch.

Operational Pillars

StablecoinX’s business model is structured around three interconnected operating pillars designed to support the Ethena ecosystem:

• Infrastructure Services: Currently live, this pillar operates the DVN serving as a cross-chain message verifier for the entire Ethena ecosystem across all blockchain networks where Ethena operates. DVN fees are charged on processed volume rather than per transaction count, creating a revenue stream intended to scale with Ethena’s growth.
• Stablecoin Harness: This middleware software stack is currently under development. Once completed, it aims to provide a unified API platform offering payment routing, cross-chain bridging, liquidity aggregation, gas abstraction, treasury management, automated yield, institutional reporting, white label issuance, and compliance orchestration. Revenue is expected to be generated through transaction fees, SaaS subscription fees, and AUM-based fees.
• Distribution Services: This business line is being developed to facilitate the adoption of Ethena’s digital dollar products among traditional financial institutions and asset managers. Capital is expected to be raised through debt, equity, hybrid securities, or off-balance-sheet vehicles to acquire USDe directly, generating distribution and management fees.

Market Context and Leadership

The company targets a significant market opportunity as the global stablecoin market capitalization recently surpassed $300 billion. Annual on-chain transaction volume has reached $33 trillion, rivaling legacy card networks. StablecoinX aims to address the structural fragmentation in the operating layer, where over 300 stablecoins circulate across more than 60 blockchain networks.

Edward Chen, Chief Executive Officer and Chairman of StablecoinX, emphasized the strategic importance of the transaction, stating that Ethena has emerged as a critical platform for the next generation of digital dollars. He highlighted StablecoinX's role as a public-market gateway to the ecosystem. Jin-Goon Kim, Founder and Chairman of TLGY Acquisition Corp., expressed confidence in the team's ability to grow value for shareholders through the structural partnership with the Ethena Foundation.

Key Financial and Operational Metrics