In a significant corporate transaction, StablecoinX Inc. has entered into a merger agreement with TLGY Acquisition Corporation, alongside StablecoinX Assets Inc., as outlined in their registration statement filed with the SEC on September 29, 2025. This merger is designed to facilitate StablecoinX's transition into a publicly traded company, thereby increasing its visibility and operational capacity.
**Who is Involved**: The merger involves several key entities: TLGY Acquisition Corporation, a Cayman Islands exempted company, serves as the merging partner; StablecoinX Assets Inc. and StablecoinX Inc., both Delaware corporations, are the target companies. The merger will also involve two wholly-owned subsidiaries of StablecoinX: SPAC Merger Sub LLC and Company Merger Sub, Inc.
**Financial Implications**: The business combination is set to result in TLGY and SC Assets becoming wholly-owned subsidiaries of StablecoinX. As part of the transaction, holders of TLGY Class A Ordinary Shares who do not redeem their shares will receive one share of StablecoinX Class A common stock for each share they hold. Furthermore, an estimated $363 million is expected to be raised through a private investment in public equity (PIPE), contributing approximately $101 million in ENA Tokens and $262 million in cash.
**Strategic Rationale**: This merger is strategically significant for StablecoinX as it aims to bolster its position within the blockchain and cryptocurrency market. The collaboration with Ethena, which involves a contribution of $60 million in ENA Tokens, positions StablecoinX to provide essential infrastructure and services, enhancing its competitive edge in decentralized finance.
**Timeline and Next Steps**: The expected timeline for the completion of this merger is contingent upon regulatory approvals and the effectiveness of the registration statement. Following the closure of the merger, StablecoinX will begin trading publicly, with shares listed for trading on the respective stock exchange.
**Market Impact**: This merger is expected to create a ripple effect in the broader market, potentially benefiting shareholders of both TLGY and StablecoinX as the latter gains public status. Employees of the involved companies may also see enhanced job security and growth opportunities as the combined entity expands its operational capabilities.
**Regulatory Considerations**: The merger is subject to customary regulatory approvals, including antitrust scrutiny and compliance with SEC regulations. Stakeholders will keep a close eye on the approval process, which is crucial for the timely execution of this transaction.
In summary, the merger between StablecoinX Inc. and TLGY Acquisition Corporation represents a pivotal move towards a more robust presence in the blockchain sector, providing enhanced capabilities and market access, while also aligning with strategic partnerships that reinforce StablecoinX's commitment to innovation in digital finance.