Ethena Labs Details SPAC Merger to Launch StablecoinX


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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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