Company: TLGYF
Filing Date: 2025-10-02
Form Type: 425
Source: 0001213900-25-095334
Chunk: 8

Company: TLGY ACQUISITION CORP
Filing Date: 2025-10-02
Form: 425
Chunk 8
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a lot of institutions that have been kind of waiting on the sidelines. Banks in particular we're kind of joking about this. If you're
old enough to be in this industry like five or 10 years ago, you probably had your bank account shut down a couple of times. But now banks
have been for regulatory clarity. They have it now with the Genius Act and banks and institutions are just starting to dip in. That's
why we've seen just in the past two months, man, I mean the stablecoin market cap roof in 250 billion to 300 billion, 50 billion in just
a couple months, and you're seeing more and more institutional adoption. So that's really driving a lot of the growth in the stablecoin
supercycle. And we've seen, well, the Genius Act was passed – this is my opinion – because the stablecoin industry participants
are now the 12th largest U.S. treasury holders in the world.

And when you have a lot of these sovereigns that
are a little uncertain about holding U.S. treasuries or a little uncertain about the geopolitics with the Trump administration and the
tariffs and all that. China, I think they're not a net seller, but they're not renewing, they're not buying any more U.S. Treasury. They're
not buying as much to redeem or to replenish. So a lot of these countries are starting to dip down in terms of their U.S. treasury holdings.
And you see this little industry participant called stablecoins and Tether and Circle and some others that are now going up in the ranks
of U.S. treasury holders. And so in my opinion, that's why I think the Genius Act was a priority for Washington. And with that, you're
seeing a lot, now that you have that clarity, a lot of the companies, a lot of banks, a lot of sovereigns are paying attention to stablecoins.
And so I don't think that's going to slow down anytime soon. It's going to continue. You're going to have other countries doing the same
thing, passing something similar to the Genius Act, and you're going to see a lot of adoption here.

Dan Cecilia (Host):Yeah, no, it's a great
point. And obviously if you're, you're in the finance industry and you follow some financial media, there's always this talk about government
debt, and I guess some of these sovereigns