PANews reported on July 21 that according to GLOBE NEWSWIRE, TLGY Acquisition Corp. announced that it had reached a business merger agreement with StablecoinX Assets Inc. The two parties will form StablecoinX, a company focusing on the Ethena stablecoin ecosystem, and plan to list on Nasdaq with the code "USDE". To support this transaction, the two parties received approximately US$360 million in PIPE financing, of which the Ethena Foundation contributed US$60 million. At the same time, the Ethena Foundation will immediately launch a US$260 million token repurchase plan to further promote ecological development.