Mentioned:
GLXY -11.51%
One of the most ambitious stablecoin protocols in crypto is coming to Wall Street next.
What’s happening:
- TLGY Acquisition Corp (OTC: TLGYF) has entered into a business combination agreement with StablecoinX Assets to go public on the Nasdaq
By the numbers:
- StablecoinX Assets has $360M USD in committed capital as part of the new SPAC deal
Why it matters:
- StablecoinX Assets will be the first ever publicly listed company focused on holding Ethena tokens directly as an asset
Going deeper:
- Ethena tokens are the governance tokens of the Ethena protocol, whose flagship digital asset is the USDe synthetic stablecoin
- The new financing round is being led by some of the most successful venture capital funds in crypto, including Galaxy Digital (NASDAQ: GLXY), Dragonfly, Polychain and Pantera Capital
The intrigue:
- Stablecoins have come into major focus in American politics lately, which has been fuelled by the GENIUS Act just recently being signed into federal law by President Donald Trump
The fine print:
- TLGY Acquistion Corp will need to submit a new application to the Nasdaq to regain compliance and eligibility prior to being able to complete the new business combination with StablecoinX Assets
