Ethena Labs Details SPAC Merger to Launch StablecoinX

Crypto / Blockchain
Crypto / Blockchain
Business Combination
Business Combination

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Ethena Labs Founder Discusses SPAC Merger to Create Publicly Traded StablecoinX Assets

In an interview on August 12, 2025, Guy Young, founder of Ethena Labs S.A., and Rob Hadick, general partner at investor Dragonfly, detailed the proposed business combination between Ethena and TLGY Acquisition Corp., a Cayman Islands exempted company. The deal will create a new publicly traded entity, StableCoinX Inc. ('Pubco'), focused on supporting the Ethena ecosystem as a validator and infrastructure business. The transaction is supported by a $360 million Private Investment in Public Equity (PIPE) financing from a consortium of investors including Dragonfly, Ribbit Capital, Blockchain.com, and Pantera Capital.

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About StablecoinX Inc.

tablecoinX is a publicly traded company offering investors regulated, transparent exposure to the stablecoin economy through its strategic focus on Ethena, one of the world’s largest issuers of digital dollars. As stablecoins increasingly serve as foundational infrastructure for global payments, decentralized finance, and digital capital markets, StablecoinX is positioned at the center of this structural shift. The Company’s operating business develops and delivers infrastructure software and services purpose-built to advance and scale the Ethena ecosystem. By combining the accessibility of a public market vehicle with deep operational integration into the stablecoin sector, StablecoinX gives traditional investors a direct, regulated path into one of the fastest-growing segments of global finance.

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