Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 444

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 444
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 or cease entirely; no yield or incentives are guaranteed.

| •   Minting:          |     | sUSDe is minted when users stake USDe into Ethena’s staking smart contract in accordance with the protocol’s rules.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| •   Yield Generation: |     | Yield on sUSDe may be generated from two primary sources: (1) staking rewards attributable to the underlying collateral supporting the Ethena protocol, such as ETH staking yield from liquid staking tokens, and (2) funding payments associated with the protocol’s hedging activities, including short futures positions. Any such yield, if realized, may be reflected pursuant to the protocol’s accounting mechanisms in an increase in the exchange rate or redemption value of sUSDe relative to USDe over time. The amount, timing, and allocation of any yield are subject to protocol-defined rules, governance decisions, and market conditions, and are not guaranteed. |

• Use Cases: sUSDe functions as a liquid staking token representing staked USDe and is used by holders seeking exposure to yield that may be generated by the Ethena protocol’s activities. sUSDe may be held as a yield -bearingform of USDe and may be used in DeFi applications that support sUSDe. Any yield reflected in sUSDe is variable, subject to protocol -definedrules, governance decisions, and market conditions, and is not guaranteed.

211 • Interrelationships: sUSDe is derived from USDe and is economically linked to the broader Ethena protocol. As a result, changes in the performance of USDe and decisions made through ENA governance, such as adjustments to protocol parameters or reserve fund management, may indirectly affect the yield, exchange rate, or other economic characteristics of sUSDe. • Market Capitalization: sUSDe does not have a separate market capitalization or independently traded market price. Its value is derived from the underlying staked USDe and any adjustments resulting from protocol -definedincentives or yield mechanisms. • Volatility and Value Trends: sUSDe is intended to maintain a stable value relative to USDe, but its effective value may fluctuate based on the performance of the underlying USDe and associated protocol activities. Yield, if realized, may increase the exchange rate or redemption value over time, but is variable and not guaranteed. • Unbonding Period: Unstaking sUSDe generally involves a cooldown period of approximately seven days before the underlying USDe can be withdrawn, in accordance