Company: TLGYF
Filing Date: 2025-10-02
Form Type: 425
Source: 0001213900-25-095334
Chunk: 2

Company: TLGY ACQUISITION CORP
Filing Date: 2025-10-02
Form: 425
Chunk 2
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 foundations in the space, and when we came across Ethena, we thought this would
be a fantastic partner to work with. Just the fact that they are in the stablecoin space. We knew that Circle was coming up with their
IPO in the next several months. This was early this year. And so we saw their S-1 filing and the stablecoin narrative is a pretty simple,
yet very compelling narrative to give to Wall Street and Main Street. So that's how we came to where we are. We signed an LOI with the
Ethena Foundation back in April, and we got the definitive merger agreement with them back on July 21st.

Dan Cecilia (Host):Awesome. And I think
it's a really interesting insight. It's awesome story by the way, just kind of the background and how this came to fruition. And if you're
a crypto native, I am, you are even, you're following the space. Obviously Ethena was kind of a big, big name in the stablecoin space
over the last couple of years, so it's getting more traction now. Obviously stablecoins to your point, have been accepted widely with
this new administration. And I'm curious, I read in the press release and doing my research, you guys raised close to $890 million in
financing to go on and purchase the token ENA, which is the protocol token, USDe being the stablecoin. This is a huge bet, obviously and
makes you the largest holder of ENA. So can you just walk through that ENA investment thesis for us?

Young Cho (TLGY):Yeah, so like I mentioned,
there's a great shift happening in the stablecoin market and we call this a stablecoin supercycle. The Treasury Secretary, Scott Bessent,
said he expects stablecoins to growth from, I believe right now it's just under 300 billion, because there's been a massive rise in USDe
over the past month or two. So now we're close to about 300 billion. And Treasury Secretary Scott Bessent expects stablecoins to grow
to about 3.7 trillion by 2030. So that's a 12x increase in just the total addressable market in the next five years. On top of that, the
yield bearing stablecoins, they're currently about 5% of that 300 billion. And there's been research reports out there from JPMorgan that
estimate that