TLGY Acquisition Corp.

What TLGY Acquisition Corp. does

TLGY Acquisition Corporation was a Cayman Islands-incorporated special purpose acquisition company (SPAC) sponsored by Carnegie Park Capital LLC. It completed its initial public offering on Nasdaq in December 2021, raising $230 million in gross proceeds (including full exercise of the over-allotment option), and was originally chartered to pursue a business combination in biopharma or consumer sectors with Asia linkages. Following a strategic pivot, TLGY entered into a definitive business combination agreement with StablecoinX Assets Inc. in July 2025, anchored by an initial $360 million PIPE financing that included $60 million from the Ethena Foundation, and an additional $530 million PIPE financing closed in September 2025 — bringing total PIPE commitments to $890 million.

The merger closed in June 2026 after shareholder approval (approximately 97% in favor in March 2026), with the combined entity renamed StablecoinX Inc. and listed on Nasdaq under tickers USDE (Class A common stock) and USDEW (warrants). The company's core business is operating a multi-year ENA treasury strategy — it holds approximately 3.029 billion ENA tokens (~$275 million, ~20% of total ENA supply) — alongside stablecoin infrastructure services for the Ethena ecosystem. These services include operating Decentralized Validation Nodes (DVNs) as cross-chain message verifiers and running middleware infrastructure that supports the protocol. StablecoinX also launched StablecoinX Harness, an API platform that enables enterprises, AI agents, and financial institutions to accept USDe, hold sUSDe for staking rewards, and execute cross-chain transfers through a single integration, replacing fragmented bridges, DEX aggregators, and payment gateways.

The business model is pre-operating-revenue and centered on treasury appreciation, validator rewards, and prospective usage-based fees from the Harness API. Capital is supplied through the public equity listing on Nasdaq and the PIPE syndicate of institutional crypto investors (Dragonfly, Ribbit, Pantera, Polychain, Galaxy Digital, Haun Ventures, ParaFi, YZi Labs, Brevan Howard Digital, Susquehanna Crypto, IMC Trading, Wintermute, Maven11, Blockchain.com, Kingsway, Mirana), with the Ethena Foundation holding voting Class B shares. Customer-facing distribution targets institutional investors, financial institutions, and enterprise/corporate treasury users seeking digital dollar exposure and stablecoin infrastructure participation; a partnership with Anchorage Digital Bank positions USDtb as potentially the first stablecoin with a compliant pathway under the GENIUS Act. Marketing and investor outreach are conducted primarily through SEC filings, the corporate investor relations website, press releases, and investor conference calls.

Name

TLGY Acquisition Corp.

Legal name

TLGY Acquisition Corporation

Website

https://tlgyacquisition.com

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

1–10 employees

Short description

TLGY Acquisition Corp. merged with StablecoinX Assets Inc. in June 2026 to form StablecoinX Inc. (Nasdaq: USDE), the first publicly listed stablecoin infrastructure company focused on the Ethena ecosystem, holding approximately 20% of ENA's total supply and operating validation and middleware services.

Ownership category

akta.pro rank

Product category

Stablecoin Infrastructure

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Miscellaneous Intermediation (523910)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Stablecoin Payment Rails & Settlement Networks (Issuer-Led) (FSADADAF)

akta.pro secondary industry

Cross-Chain Bridging & Interoperability for Stablecoins (FSADADAH)

Keywords

• Stablecoin infrastructure
• Digital asset treasury
• Blockchain validation services
• Stablecoin middleware API
• Decentralized finance

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. ENA Treasury Strategy: Multi-year treasury strategy to build and hold a reserve of ENA tokens, the Ethena protocol's native governance token. The company generates value through appreciation of ENA holdings and potential staking yields from validation services.
2. Infrastructure and Validator Services: Operating infrastructure software and services, running validators and related technical services for the Ethena protocol. Revenue derived from validator rewards and fees.
3. Harness API Services: Middleware platform fees for enterprise users integrating USDe through the Harness API solution, serving businesses, AI agents, and financial institutions.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

TLGY Acquisition Corp. was a special purpose acquisition company that completed a business combination with StablecoinX Assets Inc. to form StablecoinX Inc., a stablecoin infrastructure company operating Decentralized Validation Nodes (DVN) and a middleware platform (StablecoinX Harness) for Ethena ecosystem USDe integration. The company also executes a multi-year ENA treasury strategy accumulating and holding Ethena governance tokens as its core asset.

Product overview

StablecoinX Inc. operates as a stablecoin infrastructure company formed through the SPAC merger of TLGY Acquisition Corp. and StablecoinX Assets Inc. The company offers a multi-product portfolio: Decentralized Validation Nodes (DVN) serve as cross-chain message verifiers for the Ethena ecosystem; StablecoinX Harness is middleware enabling organizations to accept stablecoins, hold sUSDe for staking rewards, and execute cross-chain transfers via API; and the company manages an ENA Treasury Strategy accumulating Ethena governance tokens. Combined with institutional distribution services, these products position StablecoinX as the first public stablecoin infrastructure company focused on the Ethena digital dollar ecosystem.

Differentiator

Problem solved

Functional benefit

Brands

• StablecoinX Harness: Middleware platform enabling organizations to accept stablecoins, hold them as sUSDe for staking rewards, and execute cross-chain transfers through a single API integration. Eliminates fragmented integrations with bridges, DEX aggregators, and payment gateways.

Products and services

• Decentralized Validation Node (DVN) A cross-chain message verifier for the Ethena ecosystem that operates as a decentralized validation node supporting the protocol's cross-chain infrastructure.
• StablecoinX Harness Middleware platform and API enabling organizations to accept USDe stablecoins, hold them as sUSDe for staking rewards, and execute cross-chain transfers through a single API integration. Eliminates fragmented integrations with bridges, DEX aggregators, and payment gateways for businesses, AI agents, and financial institutions.
• ENA Treasury Strategy Multi-year treasury strategy to build and maintain a reserve of ENA, the Ethena protocol's native governance token, as the core asset of the company's treasury operations. The company acquired approximately 3.029 billion ENA tokens (~$275 million, ~20% of total ENA supply) at closing of the business combination.
• Validator and Infrastructure Services Operating infrastructure software and services, running validators and related technical services for the Ethena protocol. Generates revenue through validator rewards and protocol fees.

Quantifiable outcome

• USDe circulation grew from announcement to over $12 billion
• +1 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Three partnerships are on record, tiered core.

• Ethena FoundationcoreStrategic or Co-development Partner · 5 September 2025Foundation announced additional $310 million token buyback program, bringing total announced buybacks to $570 million, reinforcing ecosystem resilience and ENA liquidity.
• Ethena FoundationcoreStrategic or Co-development Partner · 21 July 2025Strategic partnership with Ethena Foundation includes $260 million initial token buyback program, multi-year collaboration agreement, locked-token framework, and participation rights in future ENA token offerings. Foundation provides discounted locked ENA tokens and maintains governance alignment with StablecoinX shareholders.
• Anchorage Digital BankcoreTechnology or Integration · 21 July 2025Partnership announced for onboarding USDtb stablecoin, positioned to become first stablecoin with compliant pathway under GENIUS Act.

Scale indicators7 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Paxos Trust Company:
• Ethena Labs:
• MakerDAO / Sky Protocol:
• MicroStrategy (now Strategy):

Broad incumbents

• Circle Internet Financial: Circle is the second-largest stablecoin issuer (USDC) and the most direct comparable to Ethena's USDe as a yield-bearing and regulated digital dollar. Both companies operate stablecoin infrastructure and target institutional adoption, though Circle is a much larger, established issuer with full regulatory standing.
• Tether (Tether Limited): Tether is the largest stablecoin issuer (USDT) and represents the dominant incumbent in the digital dollar market. As the leader that Ethena is rapidly closing the gap on, Tether is the primary competitive benchmark for stablecoin adoption, distribution, and treasury scale.

Emerging players

• Chainlink Labs:
• LayerZero Labs:
• Fireblocks:
• Ondo Finance:

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/stablecoinx

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TLGY Acquisition Corp.