StablecoinX Assets announces strategic advisory board appointments

NEW YORK - StablecoinX Assets Inc. (SC Assets) and TLGY Acquisition Corp. (OTC:TLGYF), currently valued at $83.15 million, announced Thursday the formation of a Strategic Advisory Board to support their previously announced business combination. According to InvestingPro data, TLGYF has shown strong momentum with a 20.27% return year-to-date, despite challenging market conditions.

The advisory board, chaired by Dragonfly General Partner Rob Hadick, includes four prominent digital asset industry executives: Kyle Samani of Multicoin Capital, Nic Carter of Castle Island Ventures, Diogo Mónica of Haun Ventures and Anchorage Digital, and Joshua Lim of FalconX. This strategic move comes as TLGY faces financial challenges, with InvestingPro analysis showing a negative earnings per share of -$0.38 and a concerning current ratio of 0.04.

According to the announcement, board members will serve as ambassadors for SC Assets and the Ethena Protocol, with responsibilities including media engagement and public education about the stablecoin market.

"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," said Young Cho, CEO of SC Assets and TLGY, in a statement released by the company.

SC Assets is a newly formed validator and infrastructure business built to support the Ethena ecosystem. Following the completion of the business combination with TLGY, the company plans to implement a multi-year treasury strategy to build a reserve of ENA, the Ethena protocol’s native token.

Marc Piano, Director at the Ethena Foundation, stated the advisory board will "help strengthen governance practices, deepen liquidity, and support the long-term resilience and adoption of the Ethena ecosystem."

The Ethena Foundation serves as an independent steward of the Ethena protocol, which is behind the USDe and USDtb digital dollars.

In connection with the transaction, StablecoinX Inc. has filed a registration statement with the SEC that includes a preliminary proxy statement of TLGY and a preliminary prospectus of StablecoinX. For investors considering this volatile stock, InvestingPro offers additional insights through 12+ exclusive tips and comprehensive financial analysis tools to help make informed investment decisions.

In other recent news, TLGY Acquisition Corp. and StablecoinX Assets Inc. have announced an additional $530 million in private investment in public equity (PIPE) financing. This new funding brings the total committed PIPE financing for their proposed business combination to $890 million. The latest round of investment includes contributions from YZi Labs, Brevan Howard, Susquehanna Crypto, and IMC Trading. Returning investors such as Dragonfly, ParaFi Capital, and Maven11 also participated in this funding round. This development marks a significant step forward in the ongoing business combination between TLGY Acquisition Corp. and StablecoinX Assets Inc. The announcement follows an earlier disclosure on July 21, which detailed an initial $360 million in PIPE financing. These recent developments highlight the continued investor interest and financial backing for the proposed merger.

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