Company: TLGYF
Filing Date: 2025-07-22
Form Type: 425
Source: 0001213900-25-066736
Chunk: 9

Company: TLGY ACQUISITION CORP
Filing Date: 2025-07-22
Form: 425
Chunk 9
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 individuals to access
a savings account like experience via Ethena, directly within your Telegram app, or on your phone and desktop. We see our integration
within Telegram wallets as an easily accessible and replicable template that we can bring to other consumer-facing FinTech and messaging
platforms in all major geographies around the world. Ultimately, a dollar as a savings product is the one killer use case that we see
a billion people being able to use out of crypto.

In terms of our investors, this is not an exhaustive
list, but highlights some of the significant and strategic investors that believe in what we’re building. This includes prominent
investment firms within blockchain, such as Dragonfly, as well as traditional financial investors, such as Fidelity and Franklin Templeton.

Most of our distribution partners are also investors,
which is key for a dollar issuer, and this includes the largest exchanges, such as Binance, Bybit, OKX, and Kraken. These partnerships
are critical for expanding Ethena’s reach and facilitating greater liquidity for Stablecoins across the world, as well as onboarding
institutional flows into the ecosystem.

This combination of strong venture backing and
strategic distribution partners provides Ethena with a robust foundation for continued growth and innovation.

I’m now going to turn over the call to Ted,
who’s going to provide more details on StablecoinX and how the success of our achievement in Ethena can directly benefit the shareholders
of StablecoinX as an accumulator of our token.

<div align='center'>7</div>

Ted Chen (Carnegie Park Capital, LLC; Founder. Chief Investment Officer; Managing Member of TLGY’s current sponsor): Thank you, Guy. By now, I hope you understand
our excitement for Stablecoins generally and why we are in particular excited about Ethena’s positioning what we expect to be a
significant growth opportunity over the next decade.

Our investment thesis for StablecoinX is built
on two fundamental pillars. First, ENA, Ethena’s governance token, is the exclusive gateway to gain exposure to Ethena and its leading
position in the Stablecoin ecosystem.

With the global Stablecoin market projected for
significant growth in the near future, we believe Ethena’s products are well positioned for widespread adoption in both DeFi and
traditional finance. Ownership of ENA provides access to this high growth blockchain ecosystem, encompassing Stablecoin adoption, tokenization,
and institutional capital flows into crypto.

Second, by owning EN