Company: TLGYF
Filing Date: 2025-10-02
Form Type: 425
Source: 0001213900-25-095334
Chunk: 10

Company: TLGY ACQUISITION CORP
Filing Date: 2025-10-02
Form: 425
Chunk 10
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Dan Cecilia (Host):Yeah, no, I think rising
tide lifts all boats in this space in some respects. And obviously you want to keep the bad actors out. And so obviously encouraging and
working with each other, like you said, Tether makes up a portion of Ethena. It's good, it's positive for the space. I've been in the
space in 2017, I know you've been in longer and just seeing the way it's developed and seeing how these protocols going to work together,
we should welcome some of these new entrants, some of this competition, and hopefully it'll grow the space even bigger. So I guess if
we look ahead, and you talked about you guys are well capitalized, you have a long runway, multi-year outlook, what would need to happen
in the Ethena ecosystem for StablecoinX and what you're doing here to be considered a major win?

Young Cho (TLGY):So I mean, like I mentioned
in the past, two things, it's the ENA token price performance that is our biggest driver of our stock because that is what our mNav is
benchmarked against. So if the ENA token performs well, we do well as StablecoinX. So that's one. And those things are driven, like I
mentioned before, growth in the USDe, user growth in the Ethena protocol, protocol revenue increasing, distributions of USDe, all that
stuff is what we would love to see. And the other thing that we love to see and would consider a win is if we increase our ENA tokens
per share. That is how we get that extra bit of juice to go from just an mNav benchmarking the ENA token price, but if we trade at a slight
premium because we're able to grow the ENA token per share, that would be also another huge region win.

Dan Cecilia (Host):Gotcha. Okay. So we
have to look at mNav, have to look at ENA price like we mentioned previously. That's kind of what we're benchmarking and what you'd like
to see over the next couple of years. So being in crypto for so long, you always get kind of the skeptics or you get, why should I buy
this? Or it's all the stories, all the critics. So what is your message to traditional investors who might be hesitant about this approach
to stablecoins and