Company: TLGYF
Filing Date: 2025-07-22
Form Type: 425
Source: 0001213900-25-066736
Chunk: 6

Company: TLGY ACQUISITION CORP
Filing Date: 2025-07-22
Form: 425
Chunk 6
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With Stablecoin market projected to reach $1.9
trillion by 2030, Ethena’s multifaceted approach to these different products puts us in a great position to capture significant
value from the expansion in this market.

To give you an overview of Ethena at a glance,
this slide highlights Ethena’s product position and market share, where our core product, USDe, is now the third largest digital
dollar behind Tether and Circle’s products. We’re proud of this remarkable achievement given our relatively recent launch,
only 18 months ago in the beginning of 2024.

Our fully backed Stablecoin USDtb also ranks within
the top eight at a market cap of $1.5 billion, and we’re the only issuer with two products that sit within the top 10. USDe was
the fastest asset to ever reach $5 billion of supply in crypto history. And we’re extremely proud about this rapid adoption that
we’ve seen.

In this chart, you can see the green line represents
USDe and shows an incredibly steep trajectory compared to the historical pace of adoption of other major Stablecoins like DAI, USDC, and
USDtb. The ability to scale this quickly demonstrates our operational efficiency and validates the underlying demand for our product,
both in DeFi, CeFi, and then exporting it out into TradFi as well.

<div align='center'>5</div>

Alongside this rapid growth in AUM and the product
side, Ethena was also the second fastest protocol ever in crypto to reach $100 million of revenue, and we’ve reached that milestone
in just 251 days.

This incredible pace places Ethena ahead of many
well-known established protocols throughout the entire DeFi ecosystem. This rapid revenue accumulation highlights the efficiency and effectiveness
of Ethena’s protocol design and its ability to capture value within the DeFi ecosystem. The strong financial performance is a key
indicator of Ethena’s robust business model, providing a strong foundation for Stablecoins investment thesis.

To give you an overview of USDe and how it works
and how it’s used, we’re going to dive into that now. USDe is a fully collateralized digital dollar that maintains its peg
through delta-neutral basis positions, offering relative stability in most market conditions without relying on holding T-bills within
the banking system.

We launched USDe in February 2024 and quickly
reached a supply of over $6 billion by the end of