Company: TLGYF
Filing Date: 2025-07-22
Form Type: 425
Source: 0001213900-25-066736
Chunk: 10

Company: TLGY ACQUISITION CORP
Filing Date: 2025-07-22
Form: 425
Chunk 10
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A as a treasury strategy,
StablecoinX is expected to be the second pure play company after Circle to provide shareholders with a unique opportunity to gain exposure
to the growth in Stablecoins.

Importantly, StablecoinX and the Ethena Foundation
have entered into a long-term collaboration agreement that will provide the company with the opportunity to acquire locked ENA tokens
at a discount to market trading prices.

By acquiring ENA at a discount, we expect StablecoinX
to be able to creatively grow ENA per share, providing shareholders with even greater exposure to Ethena over time. Furthermore, by operating
validator nodes for the upcoming Converge Network as part of the company’s core business, we expect StablecoinX will be able to
accumulate additional ENA organically without shareholder dilution.

It’s important to understand that StablecoinX
is not just a public company adopting ENA as a treasury strategy, but will be a strategic partner to Ethena through the collaboration
agreement, ensuring deep alignment and priority access to future growth opportunities. This is further evidenced by Ethena’s ability
to nominate a representative on StablecoinX’s board and have representation on its investment committee.

We believe the benefit of owning ENA for shareholders
is multifaceted and attractive. As the governance token of Ethena, holding ENA in treasury provides StablecoinX with several important
modes of value creation tied to Ethena’s growth.

First, ENA ownership offers the potential benefit
from future Ethena protocol revenue when the Ethena governance committee approves the fee switch. Receiving a share of protocol revenue
generated from USDe is akin to receiving dividends as a company matures.

Given the significant operating leverage that
Stablecoin issuers such as Tether exhibit as they reach scale, we see protocol revenue for ENA as potentially large, especially if Ethena
successfully matures and maintains its market dominance.

Second, as Ethena’s ecosystem expands and
its digital dollar gains wider adoption, ENA holders have the opportunity to receive airdrops of new tokens from new applications and
protocols looking to build on or integrate with the Ethena ecosystem. The value and consistency of those rewards are only enhanced as
the network effects of Ethena’s ecosystem expands and matures.

And third, with ENA expected to be used to secure
Ethena’s purpose-built tokenized assets settlement layer, operating as a validator where ownership of ENA is a requirement can generate