Company: TLGYF
Filing Date: 2025-07-22
Form Type: 425
Source: 0001213900-25-066736
Chunk: 7

Company: TLGY ACQUISITION CORP
Filing Date: 2025-07-22
Form: 425
Chunk 7
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 the year. The mechanism that holds the peg for USDe involves hedging crypto assets to
maintain the peg, with the underlying collateral adding income from both staking and then also the funding rate or the basis that’s
captured from shorting derivatives. This collateral is held on-chain in institutional-grade off-exchange solutions to minimize counterparty
risk to crypto exchanges.

In terms of its utility, USDe serves as a critical
medium of exchange within DeFi. It’s used within trading pairs on decentralized exchanges and then also centralized exchanges and
has enormous cross-chain utility integrated over 20 networks for various applications, facilitating fast and secure cross-border payments.

In terms of USDtb, to give you an overview of
how it works, we launched this product back in December of 2024, so it’s a relatively new product and it’s a very simple fiat-backed
Stablecoin backed primarily by BlackRock’s BUIDL, the largest tokenized money market fund in the world.

USDtb currently has a circulating supply of $1.5
billion as of June 2025. Its operational mechanism enables its USD peg through cash or cash equivalent reserves with 90% allocation towards
BUIDL for high stability and liquidity. It operates on-chain with Mint and Redeem mechanisms, providing transparency and efficiency with
24/7 on-demand access.

The applications of USDtb are diverse and impactful.
It’s integrated into DeFi for trading, lending, and borrowing, including Aave’s Ethereum core market. It also serves as margin
collateral for trading on some of the world’s largest exchanges, such as Bybit, the second largest derivatives exchange in the world.

Furthermore, USDtb enables fast, unrestricted
cross-chain transfers for payments and settlements. Importantly, USDtb can also sit within Ethena’s flagship USDe product, serving
as an alternate reserve during periods of market volatility to enhance the overall stability of the entire ecosystem.

We also have another significant development for
Ethena’s ecosystem, which is our partnership with Securitize and BlackRock’s tokenization partner to launch a purpose-built
settlement layer for both Stablecoin and tokenized assets.

This initiative, which is launching late in 2025,
is designed to be a dedicated blockchain that will streamline the issuance of existing and future tokenized assets by BlackRock’s
tokenization partner.

This partnership presents a tremendous opportunity
for Ethena. It is expected to drive substantial demand for both USDe and USDtb