Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 443

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 443
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 users and indicated remedial measures. |

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| •   Peg Restoration Mechanisms: |     | If USDe trades below $1 on secondary markets, arbitrageurs may purchase discounted USDe and redeem it for $1 worth of collateral (minus fees), which can help restore the peg. |

• Unbonding Period: USDe does not have a traditional unbonding period. Eligible users may mint or redeem USDe on a near-instant basis, subject to protocol -definedterms, operational conditions, and any applicable whitelisting requirements. • Regulatory Status: The regulatory framework for USDe is evolving, and there is currently no definitive regulatory classification by the SEC for USDe or similar synthetic stablecoins. The SEC has publicly acknowledged that certain digital assets, such as Bitcoin, are not securities under the federal securities laws due to their decentralized nature and lack of a central promoter or managerial efforts that would satisfy the Howey test. The SEC’s Division of Corporation Finance has also stated that some stablecoins designed to maintain a one-for-one USD peg and backed by liquid, low-risk assets (“covered stablecoins”) are generally not offered or sold as securities, provided they meet certain criteria, although that statement does not expressly address algorithmic or yield-bearing stablecoins like USDe. Further, because USDe is a synthetic, yield-bearing stablecoin with collateralization and incentive mechanisms that differ from covered stablecoins described in the SEC’s staff statements, regulatory authorities could assert that USDe or associated rights (such as yield-related features) may be subject to U.S. securities laws. Accordingly, there is significant uncertainty, and regulators could determine that USDe constitutes an unregistered security or is subject to other regulatory requirements under the Securities Act of 1933. See the section entitled “ Government Regulation” below as well as the risk factor entitled “ ENA Token and other digital assets are novel assets, which will expose StablecoinX to significant legal, commercial, regulatory and technical uncertainty, which could materially adversely affect StablecoinX’s financial position, operations and prospects” for additional information. sUSDe • Tokenomics and Lifecycle: sUSDe is a liquid staking receipt token representing USDe that has been deposited into Ethena’s staking system. Holders of sUSDe may receive yield generated by the Ethena protocol, including rewards derived from staking underlying collateral and funding payments associated with hedging activities such as short futures positions. The amount and timing of any yield are determined by protocol mechanics and governance decisions and may fluctuate