Stablecoins promise to transform finance by combining the stability of traditional fiat currencies with the speed of blockchain technology. Companies aligned with this trend are drawing investor interest, especially those adopting treasury strategies similar to those of early crypto pioneers like Strategy (MSTR).
TLGY Acquisition (TLGYF), a blank-check firm, is now jumping into this trend. On July 21, it announced a merger with StablecoinX Assets, a startup aiming to build a public company that will hold large amounts of Ethena’s ENA tokens.
Ethena is a decentralized finance (DeFi) platform that issues ENA, the Ethena governance token, and USDe, a synthetic dollar backed by crypto. After the merger, the new entity, StablecoinX, is expected to trade on the Nasdaq Exchange under the ticker USDE. The deal is expected to close some time in Q4 2025.
Investors initially cheered the news, sending TLGYF shares up about 50%, though the gains quickly faded. Still, the stock remains up 21% year-to-date.
TLGYF, soon to become StablecoinX pending shareholder and regulatory approval, is making a bold bet on Ethena’s rising stablecoin ecosystem. Ethena’s USDe, a “synthetic dollar” built on the Ethereum (ETHUSD) blockchain. It is “softly” pegged to the U.S. dollar and now holds a market capitalization of $6.75 billion. It is the 22nd-largest crypto by market cap, third only to Tether and Circle’s (CRCL) USDC in the stablecoin space.
Post-merger, StablecoinX will support the Ethena network by running validators and adopting a “permanent capital” model, using raised funds to buy and hold ENA tokens indefinitely.
Management believes this mirrors Strategy (MSTR), positioning TLGYF as a long-term crypto treasury asset.
The $360 million PIPE will fund a yield-generating treasury of ENA and USDe stablecoins. Backers include top crypto funds like Pantera, Dragonfly, Galaxy, and the Ethena Foundation.
As a SPAC, TLGYF has no operating business and no revenue.
Instead, its value lies in its cash and crypto on hand. Before the merger, TLGYF held roughly $10 per share in trust from its IPO proceeds. The merger with StablecoinX brings $360 million via PIPE commitments. Of that, $100 million comes as discounted ENA tokens, and $260 million is designated as cash to buy more ENA immediately.
