StablecoinX Inc. told the Securities and Exchange Commission on July 2, 2026 that its de-SPAC business combination has closed, turning a Cayman Islands blank-check shell into an operating, Nasdaq-listed company built around the Ethena stablecoin ecosystem. The Current Report on Form 8-K reports an earliest event date of June 25, 2026 -- the day the mergers became effective -- and it is the kind of filing worth reading line by line, because the corporate plumbing that produced the new public company is unusually layered.

According to the filing, the transaction traces back to a Business Combination Agreement dated July 21, 2025 among five entities: TLGY Acquisition Corp., a Cayman Islands exempted company and the special purpose acquisition vehicle; StablecoinX Assets Inc., a Delaware corporation the filing labels SC Assets; StablecoinX Inc., the new Delaware holding company that is now the registrant; and two wholly owned merger subsidiaries of StablecoinX -- SPAC Merger Sub LLC and Company Merger Sub, Inc. That agreement was amended twice, on January 21, 2026 and again on April 21, 2026, before the parties reached closing.

How the combination was structured

The mechanics matter. Per the 8-K, on the June 25 closing date the deal ran through two sequential mergers. First, SPAC Merger Sub merged with and into TLGY, with TLGY surviving. Immediately afterward, Company Merger Sub merged with and into SC Assets, with SC Assets surviving. The filing calls the two steps together the Mergers. The result: both TLGY and SC Assets became wholly owned subsidiaries of StablecoinX, and StablecoinX itself became a publicly traded company. The document notes that SC Assets was founded by Young Cho, who is described as the Chief Executive Officer and Executive Director of TLGY -- a detail that helps explain how the sponsor and the operating business were connected before the combination.

The registrant now carries Commission File Number 001-43372 and is incorporated in Delaware, with principal offices at 6160 Warren Parkway in Frisco, Texas. Its Class A common stock, par value $0.0001, trades on the Nasdaq Stock Market under the symbol USDE, and warrants -- each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 -- trade under USDEW. The company checked the box identifying itself as an emerging growth company.

What the new company actually does

StablecoinX describes an operating business rather than a passive holding vehicle. The filing frames the company around the Ethena ecosystem and organizes its work into three lines.

"The Company is an infrastructure software and services company focused on supporting the growth and operation of the Ethena ecosystem through the development and operation of blockchain infrastructure, middleware software and related distribution activities."-- StablecoinX Inc. Form 8-K, source

Under the first line, Infrastructure Services, the filing states the company runs live validator operations and decentralized verifier node infrastructure -- which it abbreviates DVN -- supporting blockchain networks and cross-chain messaging within the Ethena ecosystem. The 8-K says validator operations commenced on Ethereum mainnet in October 2025 and the DVN platform launched on production mainnet in November 2025. The second line, Infrastructure Software, centers on what the company calls the Stablecoin Harness, a middleware platform described as designed to let enterprises integrate Ethena's digital dollar products into payments, treasury management and related workflows through a unified application programming interface. The filing states the Stablecoin Harness is still under development and is expected to be released on a phased basis, beginning with payment routing and gas abstraction.

The third line, Distribution Services, is aimed at institutional adoption of Ethena's digital dollar products, which the filing identifies as USDe and USDtb. According to the document, in May 2026 the company entered into a Distribution Partnership Agreement with Ethena OpCo appointing it as a non-exclusive distribution partner for those products, and it expects to support distribution using a variety of financing structures, including on-balance-sheet acquisitions and off-balance-sheet investment vehicles, subject to market and regulatory conditions.

A treasury built on ENA, and a shell-company reset

Supporting those businesses, the filing says, is a treasury strategy focused on acquiring, holding and utilizing ENA, which it identifies as the governance token of the Ethena Protocol. The company states it believes its ENA treasury aligns its long-term interests with the growth of the Ethena ecosystem while providing flexibility to support its infrastructure operations. The 8-K does not quantify the size of any ENA position in the disclosure reviewed here, and it repeatedly flags what it calls the highly volatile nature of the price of ENA and other products issued by the Ethena Foundation among its risk factors.

The filing also resolves the company's status under the SEC's shell-company rules. Item 5.06 states that as a result of the business combination, TLGY ceased to be a shell company upon the closing, which is why StablecoinX provided the fuller business and financial disclosure that Item 2.01(f) requires of a former shell after a reverse-merger-style transaction. Item 5.01 reports the change in control of the registrant, cross-referencing the business combination proposal in the proxy statement and prospectus. On governance, the filing states the StablecoinX board consisted of five directors upon closing -- Edward Chen, Marc Piano, John Griffiths, Alkesh Shah and Thomas Tarala -- with Piano designated by Ethena and Chen designated by SC Assets. Chen also serves as Chief Executive Officer and Chairman.

Several concurrent agreements accompanied the closing. Under Item 1.01, certain former TLGY shareholders and former SC Assets shareholders entered into Lock-Up Agreements restricting transfer of the StablecoinX Class A shares they received; the filing states shares held by TLGY insiders are locked up until the earlier of six months after closing or a later liquidation or similar transaction giving all shareholders the right to exchange their shares for cash, securities or other property. The parties also entered into an Amended and Restated Registration Rights Agreement involving TLGY, the legacy SPAC shareholders, Ethena OpCo and the legacy operating-company shareholders. The 8-K notes TLGY held an extraordinary general meeting on March 10, 2026 at which shareholders voted on the transaction.

For readers tracking the wave of crypto-adjacent companies reaching public markets through SPAC combinations rather than traditional underwritten IPOs, the StablecoinX filing is a clean example of the template: a blank-check company incorporated offshore, a purpose-built operating entity, a double-merger into a new Delaware holding company, and a fresh Nasdaq listing that inherits both the ticker ambitions of a stablecoin brand and the disclosure obligations of a full reporting company. What the document establishes is the corporate fact of the combination and the shape of the business that emerged; the operating and financial performance behind it will be tested in the periodic reports that follow.