Company: TLGYF
Filing Date: 2025-09-23
Form Type: 425
Source: 0001213900-25-090310
Chunk: 4

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-23
Form: 425
Chunk 4
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 a massive, um, a massive part of where USDE and and S-U-S-D-E,
which is the quote unquote state version of USDE.

He's being used in the market right now, um, largely for, uh, defi strategies,
um, massive on ave as well as Pendle. Um, I, I think, I think S-U-S-D-E specifically lends itself to, um, what Pendle does in terms of
their, their financial engineering. Uh, this is stuff that has happened in the traditional financial world for, for a long time.

Um, it's just we're one of the first products in the market that actually
enables. Um, um, these sorts of products in a way that makes sense. Uh, so that's, that's the primary, I think, secondary market use of,
um, USDE and S-U-S-D-E on chain. Obviously we've been integrated in, in a lot of, uh, in a lot of custodians, prime brokers, exchanges,
um, Binance listed USDE just last week, uh, it's been available on buy bit and a few other exchanges as as collateral for margin trading
and also for spot markets.

And. Uh, one of the unique things about um, USDE is the, the reserves do
produce a certain amount of income, and that income at scale looks very different from your traditional, you know, money market fund or
US treasury securities sort of income that underlies most, uh, fiat back stable coins. And so there is more flexibility to, uh, you know,
run, um, you know.

Onboard distribution partners and, and those sorts of, uh, those sorts
of distribution flows that, that enable some very cool things on, on those exchanges. Yeah, so those, those are I think, the two biggest
integrations right now.

<div align='center'>3</div>

Interviewer: Right. I also wanna talk to you about the $360 million
DAT that was announced in July, Zach.

It was pretty well received by the market and seems to be a bit of a leader
on the model. Can you kinda walk us through the structure of it, process, et cetera, and then like, how do you weigh public market exposure
as part as the overall strategy for Ethena?

Zach Rosenberg:Mm-hmm. So one of, uh, one, one thing that phrase
the whole data