Company: TLGYF
Filing Date: 2025-08-25
Form Type: 425
Source: 0001213900-25-080375
Chunk: 1

Company: TLGY ACQUISITION CORP
Filing Date: 2025-08-25
Form: 425
Chunk 1
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 with the institutional USDtb product as well as like maybe how that dovetails with your own layer 2 and how you
think about that and how it interfaces with your core yield offering?

Guy Young: Yeah, so I think a USDtb is actually just designed to be something that can compete more
directly with something like a Circle. I think the recognition that we have is that not every user wants something that looks and feels
like USDe (i.e., slightly strange in terms of its construction and collateral backing). People sometimes just want safe, secure, and
easy-to-understand products.

So it’s not really my job to tell users what type
of products they should be wanting, its actually to try to listen to them and provide different options across the entire spectrum of
risk and return. USDtb is actually more like a distribution product because the view that we have is that ultimately, the winners within
dollarations within crypto are always determined by centralized exchanges. You’ve seen that through history with Coinbase sort of king-making
Circle and the history of Tether’s moat being built into the fact that they’re basically the quote asset on Binance for BTC, USDT, and
ETH-USDT. Tether built up this incredible moat through time where you always just need a USDT to trade on these venues.

So the view that we have is that if you create
a product like USDtb, which is ultimately designed to share as much income as you can with distribution partners like exchanges, they’re
more likely to push that but then also USDe on the side. And ultimately, that’s where we are sort of like a business will make a lot more
money which is you can create and potentially capture much more value when the return is higher on USDe vs something like USDtb and USDtb
sort of sits there as a product that can sit alongside USDe, make distribution partners happy, but then also give users a different choice
to sit alongside it.

I think the actual more interesting institutional
angle here is less around USDtb because ultimately institutions have access to money market funds and T-bills themselves, they don’t need
some other crypto to provide that to them in many senses it’s just the worst product versus something they can find themselves outside
of crypto.

I think the more interesting angle here is actually
how can you wrap up USDe in an institutional format to deliver it to people that sit outside of crypto. If you actually just take a step
back and