Company: TLGYF
Filing Date: 2025-07-22
Form Type: 425
Source: 0001213900-25-066736
Chunk: 8

Company: TLGY ACQUISITION CORP
Filing Date: 2025-07-22
Form: 425
Chunk 8
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 as they are expected to serve as collateral for tokenized
assets and various DeFi applications.

Moreover, Ethena stands to significantly benefit
from onboarding institutional capital flows into the crypto space via this new initiative, as this new blockchain provides a regulated
and efficient pathway for traditional finance to interact with digital assets in our products. The strategic move positions Ethena as
a foundational settlement layer for tokenized assets markets, which is projected to grow to a massive 12 trillion by 2030.

The ecosystem that surrounds Ethena is one of
the best in the industry. We wouldn’t be as successful as we are without all the strategic partners who believe in what we’re
building. Establishing a broad distribution network is critical for any dollar issuer to achieve the scale that we have, and we’re
proud to have deep partnerships with DeFi applications, CeFi exchanges, and real-world traditional financial institutions.

This extensive network significantly expands USDe’s
accessibility, liquidity, and revenue-generating potential. Ethena is one of the most widely integrated digital dollar protocols. Today,
Ethena plays a major role in the world’s largest blockchains, exchanges, and startups, with over 20 networks integrated, including
Ethereum, Solana, and HyperLiquid.

We’ve secured partnerships with major exchange
platforms, such as Bybit, Bitget, and with listings across Coinbase, and other major exchanges. Furthermore, Ethena is integrated into
other DeFi players like Chainlink, [Laser], Maple, PENDLE, Aave, and MORPHO, as well as a key partnership with World Liberty Financial.
These collaborations are crucial for expanding USDe’s utility and adoption, solidifying our position as a central component in the
growing digital asset landscape.

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

An example of a partnership that would drive this
growth is what we’ve recently announced with Telegram, via the Telegram wallet and Tom blockchain. Announced in April 2025, this
collaboration enables access to Ethena’s ecosystem for Telegram’s immense global user base of over a billion people.

This is particularly impactful as Telegram has
a significant presence in emerging economies across Asia, Africa, and Latin America, where the stability of the US dollar, and by extension
Stablecoins, can be preferred to volatile local currencies. This partnership allows users globally to benefit from a readily accessible
USD savings vehicle through Ethena.

This product also allows