425: StablecoinX Assets Forms Elite Digital Asset Advisory Board

TLGY Acquisition Corp. and StablecoinX Assets Inc. announced the formation of SC Assets' Strategic Advisory Board, featuring leading digital asset investors to bolster their business combination and Ethena ecosystem strategy.

Summary

• TLGY Acquisition Corp. (TLGY) and StableCoinX Assets Inc. (SC Assets) previously entered into a business combination agreement on July 21, 2025, with StablecoinX Inc. (StablecoinX).
• The transaction will result in TLGY and SC Assets becoming wholly-owned subsidiaries of StablecoinX, which will then become a publicly traded company.
• On October 9, 2025, TLGY and SC Assets jointly announced the members of SC Assets' Strategic Advisory Board.
• The Advisory Board is chaired by Rob Hadick, General Partner at Dragonfly.
• New members include Kyle Samani (Managing Partner at Multicoin Capital), Nic Carter (Founding Partner at Castle Island Ventures), Diogo Mnica (General Partner at Haun Ventures and Co-Founder of Anchorage Digital), and Joshua Lim (Global Co-Head of Markets at FalconX).
• The Advisory Board members are expected to act as ambassadors for SC Assets and the Ethena Protocol, engaging with media, social media, and educating the public on the stablecoin market and the roles of the Ethena Foundation and SC Assets.
• SC Assets is a newly-formed validator and infrastructure business designed to support the Ethena ecosystem.
• After the transaction closes, StablecoinX is expected to implement a multi-year treasury strategy to build a reserve of ENA, the Ethena protocol's native token.

Sentiment

Score: 8

Explanation: The announcement of a highly experienced and reputable Strategic Advisory Board, composed of leading figures in the digital asset industry, is a strong positive signal for StablecoinX Assets and the Ethena ecosystem. This move is expected to enhance strategic direction, governance, and institutional appeal, which are crucial for success in the volatile crypto market.

Positives

• The addition of highly respected and experienced digital asset investors to the Strategic Advisory Board enhances credibility and strategic direction.
• The Advisory Board brings diverse expertise across digital asset infrastructure, protocol development, and global trading markets.
• The formation of the board is expected to strengthen governance practices, deepen liquidity, and support the long-term resilience and adoption of the Ethena ecosystem.
• The initiative aims to broaden institutional access to the Ethena ecosystem.
• The combined expertise is believed to uniquely position StablecoinX to become a premier digital asset treasury platform, driving value for shareholders.

Risks

• The proposed Transaction may not be completed in a timely manner or at all, which could adversely affect the price of TLGY's securities.
• The proposed Transaction may not be completed by TLGY's business combination deadline.
• Failure by the parties to satisfy the conditions to the consummation of the proposed Transaction, including TLGY shareholder approval and StablecoinX securities listing.
• Failure to realize the anticipated benefits of the proposed Transaction.
• A high level of redemptions by TLGY's public shareholders could reduce the public float and liquidity of StablecoinX's Class A common stock, potentially impacting its listing ability.
• The third-party fairness opinion for TLGY's board may be deemed insufficient in determining whether to pursue the proposed Transaction.
• StablecoinX may fail to obtain or maintain the listing of its securities on any securities exchange after the closing of the proposed Transaction.
• Risks associated with consummating the proposed Transaction timely or at all, including potential regulatory delays or impediments, changes to or failure to launch the proposed Converge network, or changes in ENA prices.
• Costs related to the proposed Transaction and becoming a public company.
• Changes in business, market, financial, political, and regulatory conditions.
• Risks relating to StablecoinX's anticipated operations and business, including the volatile nature of ENA's price and its ability to operate on the proposed Converge network.
• StablecoinX's stock price may be highly correlated to the price of ENA, and ENA's price may decrease.
• Increased competition in the industries in which StablecoinX will operate.
• Significant legal, commercial, regulatory, and technical uncertainty regarding ENA.
• Risks relating to the treatment of crypto assets for U.S. and foreign tax purposes.
• Difficulties managing growth and expanding operations after the consummation of the proposed Transaction.
• Challenges in launching and growing StablecoinX's ENA treasury advisory and digital marketing and strategy services.
• Challenges in implementing StablecoinX's business plan due to operational challenges, significant competition, and regulation.
• Risk of being considered a shell company by any stock exchange or the SEC, which could impact listing ability and restrict reliance on certain rules or forms.
• The outcome of any potential legal proceedings that may be instituted against StablecoinX, SC Assets, TLGY, or others following the announcement of the proposed Transaction.

Future Outlook

StablecoinX is expected to become a publicly traded company following the business combination. The newly formed Strategic Advisory Board is anticipated to serve as ambassadors for SC Assets and the Ethena Protocol, engaging with media and the public to educate on the stablecoin market. The expertise of the advisors is expected to be instrumental in broadening institutional access to the Ethena ecosystem and positioning StablecoinX as a premier digital asset treasury platform. The Advisory Board is also expected to strengthen governance, deepen liquidity, and support the long-term resilience and adoption of the Ethena ecosystem. After the transaction closes, StablecoinX plans to adopt a multi-year treasury strategy to build a reserve of ENA, the Ethena protocol's native token.

Management Comments

• Young Cho, CEO of SC Assets and TLGY, stated: "Kyle, Nic, Diogo, and Josh are four of the most renowned executives in the digital asset industry, and we are thrilled to add them to our Advisory Board. These advisors bring a breadth of experience across digital asset infrastructure, protocol development, and global trading markets that will be instrumental in advancing our mission of broadening institutional access to the Ethena ecosystem. In leveraging their combined track records, we believe we will be uniquely positioned to become a premier digital asset treasury platform that can drive outsized value for our shareholders."
• Marc Piano, Director at the Ethena Foundation, commented: "The formation of SC Assets Advisory Board will help the parties react to significant demand for exposure to both the Ethena ecosystem and StablecoinXs differentiated ENA treasury strategy, which we believe includes some of the most sophisticated investors in finance. By convening leaders from across the digital assets industry, the Advisory Board will help strengthen governance practices, deepen liquidity, and support the long-term resilience and adoption of the Ethena ecosystem."
• Rob Hadick, Chairman of the Advisory Board, added: "I am honored to serve as Chairman of the Advisory Board and thrilled to work alongside Kyle, Nic, Diogo, and Josh as StablecoinX scales. I believe each of us bring unique expertise that will be valuable as the company works toward successfully executing its multi-year ENA treasury strategy."

Industry Context

The announcement highlights the increasing institutional interest and professionalization within the digital asset and stablecoin markets. The formation of a strategic advisory board with prominent figures from venture capital, trading, and infrastructure firms reflects a trend towards leveraging established expertise to navigate the complex and evolving crypto landscape. This move aims to enhance credibility and strategic direction for StablecoinX and the Ethena ecosystem, aligning with broader industry efforts to attract sophisticated investors and ensure long-term stability and adoption of digital assets.

Comparison to Industry Standards

• The filing does not provide specific comparable companies or projects for direct comparison of results. It focuses on the expertise of the advisory board members from firms like Dragonfly, Multicoin Capital, Castle Island Ventures, Haun Ventures, Anchorage Digital, FalconX, Genesis Global Trading, Galaxy Digital, UBS, Circle, and Goldman Sachs, which are leading entities in the digital asset and traditional finance sectors. The value is in the caliber of the individuals and their affiliations, rather than a direct performance comparison.

Corporate Governance

Stakeholder Impact

• Shareholders (TLGY & future StablecoinX): Potential for enhanced value creation through strategic guidance and improved market positioning. Risks associated with transaction completion and market volatility remain.
• Ethena Protocol Participants: Expected to benefit from strengthened governance, deeper liquidity, and broader adoption of the Ethena ecosystem.
• Investment Professionals/Industry: The inclusion of high-profile advisors signals increased institutional credibility and strategic depth in the digital asset space.

Next Steps

• StablecoinX has filed a registration statement on Form S-4 with the SEC, including a preliminary proxy statement of TLGY and a preliminary prospectus of StablecoinX.
• After the Registration Statement is declared effective, TLGY will mail the definitive proxy statement/prospectus to its shareholders for voting at an Extraordinary General Meeting.
• The proposed Transaction is subject to the approval of TLGY's shareholders and the listing of StablecoinX's securities on a national securities exchange at closing.
• StablecoinX is expected to adopt a multi-year treasury strategy to build a reserve of ENA after the closing of the Transaction.
• The Advisory Board members are expected to perform activities such as speaking to media, posting on social media, and educating the public about the stablecoin market and the Ethena Foundation's and SC Assets' role.

Key Dates

Recommendation

The formation of a strong Strategic Advisory Board with highly respected figures in the digital asset industry is a positive development, signaling enhanced strategic direction and institutional credibility for StablecoinX Assets and the Ethena ecosystem. However, this is an update on corporate governance and strategic support, not a direct financial performance report. The business combination is still pending shareholder approval and listing, and significant risks associated with the volatile crypto market and transaction completion remain. Therefore, a 'hold' recommendation is appropriate as investors should monitor the progress of the business combination and the execution of StablecoinX's strategy.

Keywords

StablecoinX, TLGY Acquisition Corp, Ethena Protocol, Digital Assets, Cryptocurrency, SPAC, Business Combination, Advisory Board, Blockchain, ENA Token