Company: TLGYF
Filing Date: 2025-10-02
Form Type: 425
Source: 0001213900-25-095334
Chunk: 11

Company: TLGY ACQUISITION CORP
Filing Date: 2025-10-02
Form: 425
Chunk 11
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 crypto exposure?

Young Cho (TLGY):So I mean for tradfi
investors, which is the market that we're targeting primarily on top of other crypto investors, if you want exposure to explosive growth
expected in the stablecoin market, there's only really a couple investments you can really make. So there's Circle, there's Circle stock,
which is now trading at I think about 130 PE or something like that. I mean they had a phenomenal ride. They went up to about $50 billion
mark cap and now I think they kind of settled somewhere around $30 billion. But they're still, I mean this is not investment advice, but
if you ask me, it might be a little rich at 130x PE and so you can invest in that or you can buy StablecoinX stock. We haven't gone effective
yet, we expect to sometime in the next several months next, but when we do become effective, there's going to be now potentially two different
types of vehicles or investments that you can deploy your stablecoin investment thesis into. And so we think that is going to be an interesting
dynamic between, we think some of these things will probably trade at close to mNav or maybe slightly above, but this is where investors
that are in traditional finance, if they want to express that stablecoin narrative that's thematic, there's really only a couple investments
that they can make that's Circle, that’s StablecoinX potentially in the next couple months.

Dan Cecilia (Host):Gotcha. Yeah, we'll
definitely have to look at that and then I'll be following it closely as you guys progress to get listed. So we got a minute left. I just
want to allow where can our audience find you and follow along after today's show?

Young Cho (TLGY):Yeah, so we're on X.
The Twitter handle there is at StablecoinX, we post there pretty regularly. So there's a lot of posts that we make about what's happening
with the Ethena protocol. We give them updates on what's happening with us particularly, so we could follow us on X. That's the best way
to follow us, sir.

<div align='center'>6</div>

Dan Cecilia (Host):Awesome. Yeah, so Young,
I appreciate it. This was a great conversation. We'd love to have you come on again, maybe as you get closer to listing, always down to
chat, love