10:37 AM EDT, 07/21/2025 (MT Newswires) -- TLGY Acquisition ( TLGYF ) shares were up over 23% in recent Monday trading after the company said it has struck a deal to merge with StablecoinX Assets, a newly-formed validator and infrastructure business supporting the Ethena ecosystem.

The combined company will be named StablecoinX, with shares to be listed on Nasdaq under the "USDE" ticker, TLGY said.

The parties also signed agreements for about $360 million private investment in public equity, including a $60 million contribution from the Ethena Foundation and investors such as Dragonfly, Ribbit Capital and Blockchain.com, the company said.

The proceeds will be used to anchor a multi-year treasury strategy to build a reserve of ENA, the Ethena protocol's native token, TLGY said, adding that Ethena is the third-largest issuer of digital dollars on-chain, after Tether and Circle.

The transaction is likely to be completed in Q4.

Price: 18.35, Change: +3.45, Percent Change: +23.15