StablecoinX Inc. entered into Note Consolidation and Restructuring Agreements on August 21, 2026, with Former SPAC Sponsors to restructure approximately $6.9 million in assumed convertible promissory notes. The restructuring requires the Company to pay 5% of the original principal amount in cash, while the remaining 95% is converted into warrants issued at prices of $1.00 and $0.75 per warrant. These warrants are exercisable for Class A Common Stock at exercise prices of $11.50 and $15.00 per share, respectively, with expiration dates set for June 25, 2031, and eight years after issuance. The Former SPAC Sponsors waived all claims regarding the Prior Notes upon satisfaction of these terms. StablecoinX Inc. operates in the financial technology sector, focusing on stablecoin infrastructure and digital asset solutions.

On June 25, 2026, StablecoinX Inc. completed a business combination with TLGY Acquisition Corp. and SC Assets, resulting in StablecoinX becoming a publicly traded company listed on Nasdaq under the symbol "USDE". The transaction included a PIPE investment of approximately $893 million ($544 million in cash and $349 million in ENA Tokens). Ethena OpCo contributed $60 million in ENA Tokens, and following the merger, Ethena beneficially owns a majority of the company's voting power. The company holds approximately 3.03 billion ENA tokens, representing 39.4% of the circulating supply. Post-closing, there are 24,029,375 shares of Class A Common Stock and 3,157,754 shares of Class B Common Stock outstanding. StablecoinX is an infrastructure software and services company that supports the Ethena ecosystem through blockchain infrastructure, middleware software, and distribution services.