Company: TLGYF
Filing Date: 2025-09-23
Form Type: 425
Source: 0001213900-25-090310
Chunk: 0

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-23
Form: 425
Chunk 0
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Filed by TLGY Acquisition Corp.

Pursuant to Rule 425 under the Securities Act of 1933

and deemed filed pursuant to Rule 14a-12

under the Securities Exchange Act of 1934

Subject Company: TLGY Acquisition Corp.

Commission File No. 001-41101

Date: September 22, 2025

As previously announced, on July
21, 2025, TLGY Acquisition Corp., a Cayman Islands exempted company (“TLGY”), StableCoinX Assets Inc., a Delaware corporation
(“SC Assets”), StableCoinX Inc., a Delaware corporation, (“Pubco”), StableCoinX SPAC Merger Sub LLC, a Delaware
limited liability company and a wholly-owned subsidiary of Pubco (“SPAC Merger Sub”), and StableCoinX Company Merger Sub,
Inc., a Delaware corporation and a wholly-owned subsidiary of Pubco (“Company Merger Sub”), entered into a business combination
agreement (the “Business Combination Agreement”), for a business combination transaction (the “Transaction”) that
will result in, among other things, TLGY and SC Assets becoming wholly owned subsidiaries of Pubco and Pubco becoming a publicly traded
company.

On September 19, 2025, Zach Rosenberg,
General Counsel of Ethena Labs, gave an interview on the CiA Livestream relating to, among other things, the proposed Transaction. A transcript
of the interview is provided herewith.

On September 22, 2025, the X.com accounts of StablecoinX and TLGY, respectively, made posts relating to, among other things, the proposed
Transaction. The posts are provided herewith.

Interview Transcript

Interviewer: These days. But our next guest, Zach Rosenberg, is
the general counsel of Ethena Labs. He's gonna walk us through the details of the company's new treasury initiative centered on the ENA
token. So we'll hear from Zach. Next, we'll bring him in, dig into the that side of things. Can you tell us a little bit more about your
path into crypto and then like what led you to Ethena?

Zach Rosenberg: Sure. So my original path into crypto, um, I, I
started. Mike dabbling in mid 2017 bought some random alts that don't exist anymore. Um, the first big one was actually tron that is very
much still around. Uh, and then obviously the bottom fell out. Most people left