StablecoinX Launches With $360 Million Backing for Ethena Treasury

TLGY Acquisition Corp. will merge with SC Assets to create StablecoinX, a company focused on building an ENA treasury. Backed by $360 million in PIPE financing, the venture aims to secure a major stake in Ethena’s stablecoin ecosystem.

ENA Treasury to be Powered by StablecoinX Through $360 Million Funding

TLGY Acquisition Corp. has announced the signing of a definitive agreement to merge with StablecoinX Assets Inc., creating StablecoinX Inc., a company focused on validator services and treasury management within the Ethena ecosystem.

The $360 million in private investment includes $60 million from the Ethena Foundation and contributions from Pantera Capital, Galaxy Digital, Polychain, and Ribbit Capital. Proceeds will fund a multi-year plan to accumulate ENA, Ethena’s native token, which underpins one of the largest decentralized stablecoin systems.

“This transaction gives public market investors transparent, well‑governed access to the Ethena ecosystem. Deploying capital to accumulate ENA will enable StablecoinX to capture the value driven by the demand for digital dollars while compounding intrinsic value per share,” said Young Cho, CEO of TLGY and SC Assets.

Guy Young, founder of Ethena Labs and advisor to StablecoinX, added,

StablecoinX’s treasury program is a milestone for broadening institutional access to the Ethena ecosystem. We’re excited to support a strategy that deepens ENA liquidity, bolsters Ethena’s ecosystem, and aligns shareholder value with the long‑term success of USDe, USDtb, and other upcoming Ethena products.

StablecoinX aims to maximize ENA per share through validator operations, staking, and strategic accumulation under a permanent capital mandate. The company has also entered into a five-year collaboration agreement with Ethena, including rights to participate in future token offerings.