Company: TLGYF
Filing Date: 2025-09-23
Form Type: 425
Source: 0001213900-25-090310
Chunk: 9

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-23
Form: 425
Chunk 9
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 the eye opening moment of. Holy shit. Like there's an enormous amount of pent up demand for some sort of stable coin
exposure.

Um, and you know, we ended up with a pretty large vehicle, right? Initial
close was, the initial initial pipe was 360 million. Um, two weeks ago we announced a second one, uh, well TLGY and StablecoinX announced
the second one, bringing the total raise to just under 900 million. So there's a lot of demand for this in the market.

Um, and I, I don't think that's going to stop. Right? I think that, um,
at this point, at this point, the market is pretty much, um, all the pri is, uh, what's the word I'm looking for? Uh, sorry, my brain
stopped working at this point. The market, the market has, has pretty much settled on, you know, stable coins as the killer app of crypto
right now.

And. There's a reason for that. It's the only, it's the only sort of product
that has seen significant acceptance and uptake in the market. It's just used everywhere. And so I, I expect that to grow as far as, you
know, the hype surrounding it and what these, what these sorts of vehicles mean. There's only so many ways to gain exposure to that narrative.

Um, you know, circle equity, tether equity does, is not something that's
readily available to the chagrin of, of very many. Um, and so you look at the market and it's, there's not that much there. Um, that's,
that's one of the reasons I think why, um, we had, we saw the success that we did in StablecoinX's raise, um, and we expect that to continue
going forward as, as to how long that continues for, I think.

Uh, in the US I don't think it's gonna stop anytime soon just because it's,
it's a very self-reinforcing narrative from the US' side because the, obviously the dominant stable coins in the market are all, are all
US d denominated, right? Like, talked about that sort of at, at the beginning, and then it's, it's gonna be interesting to see how other
jurisdictions approach that because.

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You look at Binance, you look at buy