---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-26-074559"
form_type: "8-K"
ticker: "USDE"
cik: "0002080215"
company_name: "StableCoinX Inc."
filed_at: "2026-07-02T01:57:43+00:00"
generated_at: "2026-07-02T10:10:11.217764+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001213900-26-074559
- form_type: 8-K
- ticker: USDE
- cik: 0002080215
- company_name: StableCoinX Inc.
- filed_at: 2026-07-02T01:57:43+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.01, 5.06, 5.02, 3.02, 3.03, 5.01, 5.03, 5.05, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/2080215/000121390026074559/0001213900-26-074559-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/2080215/000121390026074559/ea0296210-8k_stablecoinx.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-26-074559
- JSON: https://secwatch.observer/filing/0001213900-26-074559.json
- Plain text: https://secwatch.observer/filing/0001213900-26-074559.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.