Company: TLGYF
Filing Date: 2025-08-25
Form Type: 425
Source: 0001213900-25-080375
Chunk: 3

Company: TLGY ACQUISITION CORP
Filing Date: 2025-08-25
Form: 425
Chunk 3
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 lot of talk about coin
buybacks as well as your recent DAT, which is going to be running around marketing Ethena as the StablecoinX DAT is on its marketing roadshow.
How do you think the commentary is going to be on the fee switch and your philosophy of capital returns in terms of the fees being generated
getting passed back to the governance token? How does that flow through exactly? I know before in some interviews you talked about focusing
on growth whereas the current market meta is focused on revenue. How do you think about the take rate of the protocol and what are the
levers for that to change and flow back to the governance token?

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

Guy Young: Yeah, so in that public governance forum post, there
are a few milestones that we’re trying to hit before we thought it was appropriate to put in place the fee-switch. I think the major
key one that’s still outstanding is basically a USDe listing on one of the tier one exchanges, which is still outstanding. So I think
the difference in opinion that I have is versus the market, but you know, we’re sort of wanting to meet somewhere in the middle. Fundamentally,
I think the market opportunity that is ahead of us isn’t USDe sitting at $12-15B, it’s growing into $30-50B in the next 2-3 years. This
size of outcome for achieving what I’ve just described completely dwarfs whatever you could be extracting as sort of buybacks or free
capture to the token right now. If you’re to believe some of the numbers that people are throwing around in this category or asset class
around stablecoins or dollar assets going into multi-trillions, to me, it feels slightly short-sighted vs that outcome that I’m describing.
To be overly focused on trying to capture value for buybacks now vs what I think the real outcome is which is a business that’s actually
multiple times the size of where Circle is sitting right now in terms of cash flow generation. But fundamentally, the market kind of
disagrees with me, and I think everyone’s like super focused on that value capture right now. I think there is going to be something
that sort of meets in the middle which is sort of what you saw within that governance forum post which is if we hit these certain milestones
as we go, there’s sort of like a smaller starting take rate that increases through time to something that you can sort of