Company: TLGYF
Filing Date: 2025-09-23
Form Type: 425
Source: 0001213900-25-090310
Chunk: 3

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-23
Form: 425
Chunk 3
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's all, you know, crypto native quote unquote collateral in the
backing.

You know, since then it's evolved a little bit. Um, I think the market
has, has told us that it cares a little bit less about being purely that crypto native collateral and more about like the, just the sustainability
of it, especially in down markets. And so we do hold some stable coins in the backing as well.

<div align='center'>2</div>

Um, number one, to make sure that there's enough liquidity for redemptions,
if there's a, you know, a market event that requires that. Um, but also number two, because you know, once you get in, you scale up into
the tens of billions, which is where we are now. Um, it, it takes a little bit of time to unwind positions at that scale.

If funding rates turn negative to the extent that would deplete the reserve
fund that's sitting in the background. That's meant to backstop those events, which has never happened to date since we've, since we've
launched. But, um, it's something that obviously from a risk perspective, we're, we're focused on. So yeah, it evolves over time, but
that's the general framework.

Interviewer: Um, curious, who's your, who's your customer? Your
ideal customer? Is it, is it institutions? Is it, um, like kind of experience maybe like defi traders or, or is it mainstream customers?
You kind of said you don't. Market yourself as like a stable coin, maybe like A-U-S-D-C or Ripple. Um, so kind of how do you, I guess,
market yourself?

Zach Rosenberg:Yeah, so customer is kind of a loaded term, right?
So we, we, as the issuer of USDE, don't, actually, we don't face the secondary market in terms of like regular retail, broad retail, things
like that. We face institutional users who, uh, you know, market makers, firms who want to use it themselves, that sort of thing.

In the same way that circle. Only faces specific, like, you know, KYC fully
onboarded participants, except our list is much, much smaller than theirs. And so that's like our primary customer in terms of target
market for, for user base, if you look at the market right now, uh, defi is