Company: TLGYF
Filing Date: 2025-09-23
Form Type: 425
Source: 0001213900-25-090310
Chunk: 7

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-23
Form: 425
Chunk 7
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, what does it actually do? And so having, having that more, you know, traditional, uh, vehicle to be a,
an advocate in the market, um, and all, and you know, it's gonna be actively involved in validation if and when that that happens. Like
they have, uh, the validation business is like, kind of the point of it. They're gonna use the ENA to actually support the ecosystem.
Um, so, and generally, again, just it's more, it's about alignment and playing sort of the same roles inn different, different arenas.

I would say obviously the foundation is a lot more directly involved in
the infrastructure and the actual like day-to-day happenings of the Ethena protocol. Um, but I, I think in many ways this public vehicle
is an extension of what the foundation is already doing, and that's sort of why they wanna do this, and that's why they, you know, they
want such a, such a large stake in the ecosystem in order to be that extension. And to hold that weight behind it.

Interviewer:And Zach, last week we covered the rollout that Tether
did here in New York of its new domestic stablecoin, USAT. I'm curious, will Ethena ever launch a genius compliance stable? And do you
see any benefits to pursuing that path?

Zach Rosenberg:So funny you ask, um, we, so we have a, a separate
product called U-S-D-T-B.

<div align='center'>5</div>

And that's a more traditional fiat stable coin. It's backed almost entirely
by BlackRock's Biddle fund. Um, that's been live since, man, it's actually coming up on almost a year. Uh, launched in December of last
year. Supply last I checked is about 1.6 billion. On, on that token we announced a month and a half ago.

Um, time has stopped having meaning recently, so I may maybe a little off
base there, um, that we are actually doing. We are the first to announce that we're doing the same thing that Tether is doing in partnering
with Anchorage Digital Bank. For them to take over the issuance of U-S-D-T-B as a a, a genius, I'll say compliant, even though like genius
is not actually in effect yet, but we'll say like with the goal of genius compliance in mind for that product specifically.