Company: TLGYF
Filing Date: 2025-07-22
Form Type: 425
Source: 0001213900-25-066736
Chunk: 1

Company: TLGY ACQUISITION CORP
Filing Date: 2025-07-22
Form: 425
Chunk 1
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, and the attractive valuation this opportunity presents.

Before we begin, I wanted to remind you that today’s
discussion includes statements about expected future events that are forward-looking and subject to risks and uncertainties, and to advise
you to read our forward-looking statements and risk factors, which are detailed on Slides 2, 3, and 4.

Information discussed in this call is qualified
in its entirety by the Current Report on Form 8-K, which was filed yesterday by TLGY with the SEC in connection with the transaction and
may be accessed on the SEC’s website.

We encourage you to read the Form 8-K, including
the press release and the accompanying presentation that were attached as exhibits thereto, as well as TLGY’s other public filings
that it has made and will make with the SEC in connection with this transaction.

Moving into the executive summary, we present
StablecoinX Inc. as an exciting company centered around the Ethena ecosystem, which we believe is poised to accelerate the future of digital
finance.

Ethena is a leading DeFi protocol on Ethereum,
notable for issuing USDe, synthetic dollar, and USDtd Stablecoin. For those who may be unaware, USDe has rapidly become the third largest
digital dollar behind Tether and Circle, while USDtb, primarily backed by BlackRock’s BUIDL, a tokenized money market fund, is the
8th largest Stablecoin.

Ethena’s product offerings differ from those
offered by Tether and Circle in that their digital dollar offerings enable 24/7 liquidity and revenue, differing from U.S. Treasury rates,
unlocking additional distribution and commercial opportunities for the benefit of the ecosystem.

This differentiated product offering has allowed
Ethena to demonstrate impressive growth, becoming the second fastest protocol to reach $100 million in revenue. Through the transaction,
StablecoinX Inc. is expected to be a Nasdaq listed company, providing shareholders with exposure to Stablecoins, tokenization, and the
DeFi based in the Ethena Foundation ecosystem.

We expect the company to be the only other U.S.
listed public company to provide a pure-play exposure to the growth of Stablecoins and other digital dollars besides Circle and the first
pure-play treasury company in the Ethena Stablecoin vertical.

To do so, StablecoinX will acquire locked ENA,
Ethena’s governance token, at a discount to spot trading prices through a long-term collaboration agreement with the Ethena Foundation.