Company: TLGYF
Filing Date: 2025-08-25
Form Type: 425
Source: 0001213900-25-080375
Chunk: 2

Company: TLGY ACQUISITION CORP
Filing Date: 2025-08-25
Form: 425
Chunk 2
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 think about it less as like a dollar or a stablecoin adjacent product, but more something that looks like an investment product.
Last year, USDe annualized around 18% return on multi-billion dollars of supply with zero volatility. So like what is the hedge fund trying
to do? What is an asset manager trying to do? What does the credit fund try to do? They’re trying to maximize the sharp ratio of return
vs volatility and 18% with zero vol is better than almost any hedge fund that’s sitting in the normal world now at scale.

So the view that we have is that the demand for
that kind of product that’s sitting within TradFi isn’t $10 or $50 or $100B, it’s literally north of a trillion dollars to produce that
kind of return on dollars. And it’s kind of our job to put this in a format where we can deliver that kind of product to those pools of
capital that sit outside of crypto.

I think part of the frustration on our side was
looking at DeFi TVL where it was like a few months ago when we’re at the lows vs 2021, it’s kind of like 50% below where we were in 2021
with BTC being more than twice the price and stablecoins being up 2x from where they were in 2021 as well. And to me that was a very strong
indication that actually we’ve done a pretty bad job of tailoring making products within crypto so that actual institutional flows could
come in and get access to them. It felt like one of those incredible tailwinds that we had this cycle but we’ve never really captured
it with products in the right way.

So to me it feels like USDe is sort of uniquely
positioned to be able to capture some of those flows and I think that’s the institutional angle that’s a bit more interesting rather than
USDtb. And to your question, I won’t go into too much detail around the L2 and that kind of stuff but it’s really purpose-built so we
can put an ecosystem and distribution platform around that institutional product that I’ve described.

goodalexander:Got it, and the hedge fund
commentary is interesting. I think it’s a good potential transition because I think we’re going to keep this section to 30 minutes, so
only about 4 minutes left. I just want to double-click on Wintermute’s talked about a fee switch. There’s been a