Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 442

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 442
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 help ensure that each position remains fully collateralized. The Ethena Protocol does not currently disclose the breakdown of the LSTs held as part of the backing assets and the Protocol’s documentation states that Ethena is agnostic to specific ETH LSTs and supports LST assets that it believes have broad industry support and low depegging risk. As of December16, 2025, ETH LSTs comprised approximately 5% of the USDe backing assets. • Mechanism for Maintaining Value (Peg Stability):

• Use Cases: USDe functions as a crypto -nativestablecoin intended for use in DeFi applications, payments, and yield -generatingstrategies. It may serve as a base currency for trading pairs on exchanges and can be staked to sUSDe, which may provide staking rewards or other incentives to holders. • Interrelationships: USDe is a stablecoin backed by crypto collateral managed and hedged by the Ethena Protocol. Protocol -generatedyield from USDe may be used to fund incentives for sUSDe holders and can be considered in ENA Token governance proposals related to collateral management and other protocol parameters. • Market Capitalization: As of December17, 2025, USDe has an approximate market capitalization of $6.45billion and an approximate circulating and total supply of 6.45billion tokens. • Volatility and Peg Deviation: USDe is designed to maintain a $1 USD peg but is subject to market, operational, and liquidity risks.

| •   Recent Events: |     | On October 10, 2025, amid a broader market sell-off and deleveraging, USDe traded at a temporary discount to $1.00 on certain centralized venues. Post-event analyses indicates the deepest dislocation was largely confined to a single centralized exchange’s USDe/USDT market (reported intraday low of approximately $0.65), and attribute the magnitude of that move primarily to that exchange’s venue-specific pricing/oracle and collateral risk-management configuration (including reliance on its own order book for pricing), rather than any downtime in Ethena’s mint/redeem mechanism or evidence of impairment of reserves. During the same period, USDe pricing in other major centralized exchanges and on-chain liquidity pools remained close to $1 (approximately $0.99) and the Ethena Protocol processed approximately $1.9 billion of redemptions without observed mechanical backlog or delays. The impacted centralized exchange subsequently announced compensation for affected