Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 208

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 208
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 harming market confidence in USDe, which could in turn impact USDe’s trading price in the future. Both real failures, such as a true peg break, and perceived failures, such as exchange -leveldisruptions, could materially and adversely affect the value of USDe and, consequently, the value of ENA Token and our related business. Because the value of ENA Token is closely tied to the viability and perceived stability of USDe, any actual or perceived failure of USDe could directly and materially impair our ENA Token treasury holdings and adversely impact our infrastructure software and services business. Stablecoins such as USDe face significant competitive and regulatory challenges that could undermine their success and, in turn, the value of ENA Token. The market for stablecoins is intensely competitive. USDe competes with established issuers such as USDC and USDT, which benefit from scale, liquidity, and institutional trust, as well as with emerging products like yield -bearingtokens and potential bank -issuedstablecoins. If USDe fails to achieve significant adoption among institutional or retail users, its credibility may diminish, undermining confidence in the Ethena ecosystem and the value of ENA Token. Stablecoins also face heightened regulatory scrutiny. USDe, as a synthetic stablecoin reliant on derivatives, presents novel risks that may cause regulators to classify it as a security, derivative, or other regulated instrument. Any such classification could limit its use, distribution, or exchange support. In addition, negative publicity affecting stablecoins generally, or adverse events involving major stablecoins such as USDT or USDC, could spill over into the Ethena ecosystem and reduce demand for USDe. Intense competition, adverse regulatory developments, or negative market sentiment affecting stablecoins could materially undermine USDe’s role in the Ethena ecosystem, reduce confidence in ENA Token’s long -termvalue, and negatively affect our business, financial condition, and results of operations. Risks Related to Government Regulation and Legal Compliance ENA Token and other digital assets are novel assets, which will expose StablecoinX to significant legal, commercial, regulatory and technical uncertainty, which could materially adversely affect StablecoinX’s financial position, operations and prospects. ENA Token is the governance token for the Ethena Protocol that exists as an ERC -20token currently on the Ethereum blockchain and derives its value largely from the success of the Ethena Protocol and its products, including but not limited to, sUSDe. While ENA Token itself is not designed to function as a payment stablecoin,