Company: TLGYF
Filing Date: 2025-09-23
Form Type: 425
Source: 0001213900-25-090310
Chunk: 10

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-23
Form: 425
Chunk 10
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, you look at all of these offshore
exchanges, and their largest payers are all USDT denominated. They're all USD denominated. And so, um, it'll be interesting to see how
global regulators view that proliferation of essentially the United States dollar within their economies.

And as things grow even more in different jurisdictions. You know, I, it
wouldn't be surprising to me if there's a little bit of, if there's pushback, I think we're already seeing that to a significant extent
in Europe, given the, the shockingly small number of issuers that have been approved over there, um, for stablecoin issuance.

Um, but, you know, another kind of, sort of interesting wrinkle in that
is I think one of the, one of the things we noticed, our biggest market is Asia. If we look at, you know, just traffic and usage, but.
Out of nowhere. You know, south America is our, is our number two market, and we do basically nothing there.

It just, it just happens, right? And so you see jurisdictions like that
where they genuinely demand United States dollars. And I, I do also, I do wonder what the local regulators there are going to do about
it, if anything. Um, because those, those markets are, are bigger, I think, than we expect that they are.

So. Yeah. It's a very long-winded way of answering a, a somewhat simple
question.

Interviewer: But no, it's, it's super interesting. Yeah. They, to
see emerging markets is, uh, yeah. A really interesting use case. Yeah. Zach, before we, uh, let you go, aside from everything we discussed,
what is one other thing that you're watching right now that you think others should pay attention to? Hmm. Other thing could be, it could
be stables, could be, uh

I'm actually very curious about your thoughts on the future of the rest
of the dat market. Just, uh, yeah, the problem with that is I think it's, it's been. Overused in a lot of ways, right? You have everybody
saying, oh, this is gonna be the next FTX, this is gonna be the next, like, you know, this is what's gonna cause the next, the next bear
market.

Do you agree with that? Um, it, I'm sorry