8-K: StablecoinX Assets Forms Strategic Advisory Board

TLGY Acquisition Corp. and StablecoinX Assets Inc. announced the formation of a strategic advisory board featuring leading digital asset investors to support their pending business combination.

Summary

• TLGY Acquisition Corporation and StableCoinX Assets Inc. (SC Assets) announced the members of SC Assets' Strategic Advisory Board on October 9, 2025.
• This follows their definitive business combination agreement, entered into on July 21, 2025, which will result in StablecoinX Inc. becoming a publicly traded company.
• The Advisory Board is chaired by Rob Hadick (General Partner at Dragonfly) and includes Kyle Samani (Managing Partner at Multicoin Capital), Nic Carter (Founding Partner at Castle Island Ventures), Diogo Mônica (General Partner at Haun Ventures and Co-Founder of Anchorage Digital), and Joshua Lim (Global Co-Head of Markets at FalconX).
• The board's role is to serve as ambassadors for SC Assets and the Ethena Protocol, educating the public about the stablecoin market and the Ethena Foundation's and SC Assets' role.
• SC Assets is a newly-formed validator and infrastructure business built to support the Ethena ecosystem, and the combined StablecoinX is expected to adopt a multi-year treasury strategy to build a reserve of ENA, the Ethena protocol's native token.

Sentiment

Score: 6

Explanation: The announcement of a strong strategic advisory board is a positive development, enhancing credibility and strategic direction for the pending business combination. However, the filing also extensively details numerous risks inherent in the transaction and the volatile digital asset market, tempering overall sentiment.

Positives

• Appointment of a highly experienced and reputable Strategic Advisory Board, including prominent digital asset investors like Rob Hadick, Kyle Samani, Nic Carter, Diogo Mônica, and Joshua Lim.
• The Advisory Board is expected to strengthen governance practices, deepen liquidity, and support the long-term resilience and adoption of the Ethena ecosystem.
• The advisors bring a breadth of experience across digital asset infrastructure, protocol development, and global trading markets, which is anticipated to be instrumental in broadening institutional access to the Ethena ecosystem.
• The formation of the board is seen as a response to significant demand for exposure to the Ethena ecosystem and StablecoinX's differentiated ENA treasury strategy.

Risks

• The proposed business combination 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 the approval of TLGY's shareholders and the listing of StablecoinX's securities on a national securities exchange at closing.
• Failure to realize the anticipated benefits of the proposed transaction.
• The level of redemptions by TLGY's public shareholders, which may reduce the public float and liquidity of the trading market, and/or impact the ability of StablecoinX's Class A common stock to be listed.
• The insufficiency of the third-party fairness opinion for TLGY's board of directors in determining whether or not to pursue the proposed transaction.
• Failure of StablecoinX to obtain or maintain the listing of its securities on any securities exchange after the closing of the proposed transaction.
• Risks associated with the ability to consummate the proposed transaction timely or at all, including in connection with potential regulatory delays or impediments, changes to or a failure to launch the proposed Converge network, or changes in ENA prices.
• Costs related to the proposed transaction and as a result of 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 the price of ENA and its ability to operate its business on the proposed Converge network.
• StablecoinX's stock price may be highly correlated to the price of ENA, and the price of ENA may decrease between the signing of definitive documents and closing, or at any time after closing.
• Risks related to 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 consummation of the proposed transaction.
• Challenges in launching and growing StablecoinX's ENA treasury advisory and services in digital marketing and strategy.
• Challenges in implementing StablecoinX's business plan due to operational challenges, significant competition, and regulation.
• Being considered a shell company by any stock exchange or the SEC, which may impact StablecoinX's ability to list its securities 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 anticipates becoming a publicly traded company following the business combination. It plans to adopt a multi-year treasury strategy to build a reserve of ENA, the Ethena protocol's native token, and aims to broaden institutional access to the Ethena ecosystem. The company expects to leverage the expertise of its newly formed Strategic Advisory Board to strengthen governance, deepen liquidity, and support the long-term resilience and adoption of the Ethena ecosystem.

Management Comments

• "We believe that 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." Young Cho, CEO of SC Assets and TLGY.
• "The formation of SC Assets Advisory Board will help the parties react to significant demand for exposure to both the Ethena ecosystem and StablecoinX’s 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." Marc Piano, Director at the Ethena Foundation.
• "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." Rob Hadick, Chairman of the Advisory Board.

Industry Context

The announcement occurs within the rapidly evolving digital asset and stablecoin market. The Ethena Protocol, which issues USDe and USDtb digital dollars, is a key player in this space. The formation of a strategic advisory board with prominent figures from venture capital, trading, and infrastructure in the crypto industry reflects a trend towards enhancing credibility, governance, and institutional adoption in the digital asset sector, particularly for companies undergoing public listings via SPACs.

Comparison to Industry Standards

• The appointment of a strategic advisory board with highly recognized figures from leading crypto investment firms (Dragonfly, Multicoin Capital, Castle Island Ventures, Haun Ventures) and digital asset prime brokerages (FalconX) is a strong move, comparable to how established technology or financial firms attract top talent to their boards for strategic guidance and industry connections.
• Anchorage Digital, co-founded by Diogo Mônica, is noted as the first federally chartered crypto-native bank in the United States, setting a benchmark for regulatory compliance and institutional trust in the digital asset banking sector.
• The focus on the Ethena ecosystem and its native token ENA positions StablecoinX within the growing segment of decentralized finance (DeFi) and stablecoin infrastructure, an area seeing increasing institutional interest and competition.

Corporate Governance

Stakeholder Impact

• Shareholders (TLGY): Will vote on the business combination and are advised to read the Registration Statement. The transaction's success and StablecoinX's future performance will directly impact their investment.
• Investors (Prospective StablecoinX): The advisory board's expertise and the company's strategy in the Ethena ecosystem present a potential investment opportunity, albeit with significant risks.
• Ethena Ecosystem Participants: The advisory board's role in strengthening governance, deepening liquidity, and supporting adoption will benefit the broader Ethena community.
• Management and Board (SC Assets/StablecoinX): The advisory board will provide strategic support and guidance.

Next Steps

• StablecoinX to file a registration statement on Form S-4 with the SEC, including a preliminary proxy statement/prospectus.
• After the Registration Statement is declared effective, TLGY will mail the definitive proxy statement/prospectus to its shareholders.
• An Extraordinary General Meeting of TLGY's shareholders will be held to vote on the Transaction.
• Completion of the business combination, resulting in TLGY and SC Assets becoming wholly-owned subsidiaries of StablecoinX.
• StablecoinX becoming a publicly traded company and listing its securities on a national securities exchange.
• StablecoinX to adopt a multi-year treasury strategy to build a reserve of ENA.
• The Advisory Board members will perform activities such as speaking to media, posting on social media, and educating the public about the stablecoin market and the Ethena ecosystem.

Key Dates

Recommendation

The announcement of a highly credible Strategic Advisory Board with prominent figures from the digital asset industry is a positive development, signaling enhanced strategic direction and market confidence for StablecoinX Assets. However, the underlying business combination is still pending shareholder and regulatory approvals, and the digital asset market, particularly stablecoins and associated protocols like Ethena, carries inherent volatility, regulatory uncertainties, and competitive risks. Investors should hold their position to monitor the successful completion of the transaction and StablecoinX's ability to execute its ENA treasury strategy amidst these market dynamics.

Keywords

Digital Assets, Stablecoin, Ethena Protocol, Business Combination, SPAC, Advisory Board, Cryptocurrency, Blockchain, ENA, Financial Technology