Company: TLGYF
Filing Date: 2025-07-22
Form Type: 425
Source: 0001213900-25-066736
Chunk: 3

Company: TLGY ACQUISITION CORP
Filing Date: 2025-07-22
Form: 425
Chunk 3
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 opportunities.

The speakers on today’s call, collectively,
bring a wealth of expertise, a deep understanding spanning both TradFi and crypto markets, both of which will be instrumental in the long-term
success of StablecoinX.

On today’s agenda, we plan to cover three
main sections to provide a comprehensive overview of the investment opportunity, including an overview of Stablecoins for those who are
unfamiliar with the market, background on Ethena to help investors understand its unique position within the Stablecoin ecosystem, and
then our plan for StablecoinX, including details on the transaction structure.

We are currently in what we call the Stablecoins
supercycle, characterized by significant growth and increasing adoption that is still in its early infancy. Stablecoin supply has seen
a remarkable 45% year-over-year growth, indicating strong demand and expanding utility.

Globally, there are now 166 million Stablecoin
holders, demonstrating a widening reach and acceptance of these digital assets. Despite this growth, Stablecoin currently represent only
1.1% of the U.S. M2 money supply, highlighting the immense untapped potential for further expansion.

Looking ahead, we project a $1.9 trillion opportunity
by 2030, based on an average of several leading financial institutions’ predictions. This significant projected growth underscores
a long-term thematic investment opportunity in the Stablecoin sector.

We firmly believe that Stablecoin represent one
of the most important growth stories in finance today. A more favorable regulatory environment is emerging, which is significantly increasing
demand for Stablecoin across major financial institutions, FinTech companies, and payment giants.

We are seeing this play out in real-time, with
major headlines from Stripe, Apple, J.P. Morgan, all indicating an aggressive arms race to leverage Stablecoin to replace outdated financial
infrastructure.

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This trend extends to emerging markets, where
Stablecoin are finding significant product-market fit in economies facing inflationary pressures. The recent success of the New York Stock
Exchange’s debut of Circle further validates the increasing institutional acceptance and market confidence in its asset class. These
developments collectively signal a transformative shift in how money will move and be used globally.

The importance of Stablecoin extends beyond just
the private sector. They are increasingly becoming a U.S. government priority. In a relatively short span of a decade, Stablecoin issuers
have grown to become a top 20 holder of the U.S. debt. This is particularly significant