Thomas Tarala simultaneously serves as CEO of YYAI, Director of StablecoinX (TLGY), and Director of Core AI Holdings (CHAI). This triple role is explicitly disclosed in StablecoinX's Schedule 14A Definitive Proxy Statement filed February 18, 2026. This is not speculation—it is SEC-verified fact that can be independently confirmed.
SEC Filing Evidence
The connection between YYAI and StablecoinX is established through direct disclosure in SEC filings:
The proxy statement further explains why Tarala was selected for StablecoinX's board:
The Tarala Triangle
Thomas Tarala serves in leadership roles across three publicly-traded companies, creating a network of potential synergies:
Why This Connection Matters
- Information Flow: Tarala has visibility into both YYAI's strategic direction and StablecoinX's Ethena ecosystem plans. He can identify synergies invisible to outside investors.
- Deal Facilitation: As CEO of YYAI and Director of StablecoinX, Tarala can propose and negotiate partnerships between the two entities.
- Credibility Signal: StablecoinX's PIPE investors (Dragonfly, Pantera, Brevan Howard, etc.) vetted Tarala. His dual role suggests these sophisticated investors see value in the YYAI connection.
- Undiscovered Catalyst: Most YYAI investors don't know about this connection. The March 10 vote will create visibility as analysts research StablecoinX and discover Tarala's YYAI role.
StablecoinX Transaction Overview
StablecoinX represents a significant transaction in the cryptocurrency infrastructure space:
| StablecoinX Metrics | Value | Details |
|---|---|---|
| PIPE Financing | $893 million | Committed capital from institutional investors |
| ENA Token Holdings | 3.03 billion | 20% of 15B total supply; 39.4% of circulating |
| Token Lock-up | 48 months | 25% at 12 months; 75% over 36 monthly installments |
| Voting Control | 64.3% | Ethena Foundation control via Class B shares |
| Nasdaq Ticker (Post-Close) | USDE | Upon shareholder approval |
| Shareholder Vote Date | March 10, 2026 | 20 days from February 18 proxy filing |
| Redemption Deadline | March 6, 2026 | 5:00 PM ET |
StablecoinX Board Composition
Following the business combination closing, StablecoinX's board will consist of:
| Director | Role | Affiliation |
|---|---|---|
| Edward Chen | CEO & Chairman | Carnegie Park Capital (Sponsor) |
| Young Cho | CFO | StablecoinX Management |
| Marc Piano | Director | Ethena Foundation Designee |
| John Griffiths | Director | Independent |
| Alkesh Shah | Director | Independent |
| Thomas Tarala | Director | YYAI CEO / CHAI Director |
StablecoinX PIPE Investor Base
The $893 million PIPE financing attracted premier cryptocurrency and fintech investors:
| Investor Category | Notable Participants |
|---|---|
| Crypto Venture Capital | Dragonfly, Pantera Capital, Polychain Capital, ParaFi Capital |
| Traditional Finance | Brevan Howard Digital, Franklin Templeton, Galaxy Digital |
| Strategic Investors | Wintermute, Amber Group, Blockchain.com |
| Additional PIPE Investors | Ethena Foundation, Haun Ventures, Ribbit Capital |
Advisory Board
StablecoinX's advisory board includes prominent cryptocurrency industry figures:
| Advisor | Affiliation |
|---|---|
| Rob Hadick | Dragonfly |
| Kyle Samani | Multicoin Capital |
| Nic Carter | Castle Island Ventures |
| Diogo Mónica | Haun Ventures / Anchorage |
| Joshua Lim | FalconX |
Ethena Protocol Background
StablecoinX's core business involves providing infrastructure services within the Ethena Protocol ecosystem. Understanding Ethena is critical to understanding the opportunity:
Ethena is a decentralized finance (DeFi) protocol that has created USDe, a synthetic dollar stablecoin that has rapidly grown to become the third largest stablecoin by market capitalization, competing with USDT (Tether) and USDC (Circle). The protocol's governance token, ENA, allows holders to participate in protocol decisions.
| Ethena Component | Description | Significance |
|---|---|---|
| USDe | Synthetic dollar stablecoin | 3rd largest stablecoin by market cap |
| ENA | Governance token | 15 billion total supply; enables protocol governance |
| Converge L1 | Layer-1 blockchain | Native chain for Ethena ecosystem (launch delayed) |
| Ethena Foundation | Governing body | Controls 64.3% voting power via Class B shares |
StablecoinX's Role in Ethena
StablecoinX will provide infrastructure services within the Ethena ecosystem:
- Validator Nodes: Operating network validators for transaction verification
- Monitoring Services: Real-time monitoring of protocol health and performance
- Decentralized Verification: Contributing to the decentralization and security of the network
- Infrastructure Software: Developing and maintaining software tools for the ecosystem
Per SEC filings, the Collaboration Agreement restricts StablecoinX to operating only within the Ethena ecosystem. This focused approach ensures alignment with Ethena's success while limiting diversification risk.
Tarala's Equity Position
Thomas Tarala owns ZERO equity in StablecoinX. He serves purely as an independent director on the board. His compensation for this role is not disclosed but would typically include director fees. This means Tarala does not have a direct financial incentive tied to StablecoinX share performance—his interest is professional reputation and board effectiveness.
Verification Instructions
The YYAI-StablecoinX connection can be independently verified through SEC EDGAR:
- Navigate to SEC EDGAR (www.sec.gov/cgi-bin/browse-edgar)
- Search for company "TLGY" (StablecoinX's SPAC ticker)
- Locate the Schedule 14A (DEF 14A) filed February 18, 2026
- Search document for "Tarala" or "AiRWA" or "YYAI"
- Review pages 247-248 for director biography
The same search can be performed on YYAI's filings to confirm Tarala's role as CEO. The intersection of these two SEC disclosure streams creates irrefutable evidence of the connection.