StablecoinX completes SPAC merger with TLGY, raises ~$893M PIPE, begins trading on Nasdaq

StableCoinX Inc.

Closed business combination with TLGY Acquisition Corp. on June 25, 2026; now publicly traded on Nasdaq under USDE and USDEW.
PIPE investment of ~$893M, including ~$349M in ENA tokens and ~$544M in cash, from institutional investors.
Ethena OpCo contributed $60M of ENA tokens at 30% discount, now holds majority voting power.
Post-closing shares: 27,187,129 total (24,029,375 Class A, 3,157,754 Class B); TLGY insiders locked up for 6 months.
Company focuses on infrastructure software and services for the Ethena ecosystem, including validator operations and Stablecoin Harness middleware.

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