Company: TLGYF
Filing Date: 2025-09-10
Form Type: 425
Source: 0001213900-25-086376
Chunk: 0

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-10
Form: 425
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Filed by TLGY Acquisition Corp.

Pursuant to Rule 425 under the Securities Act of 1933

and deemed filed pursuant to Rule 14a-12

under the Securities Exchange Act of 1934

Subject Company: TLGY Acquisition Corp.

Commission File No. 001-41101

Date: September 10, 2025

As previously announced, on July 21, 2025, TLGY
Acquisition Corp., a Cayman Islands exempted company (“TLGY”), StableCoinX Assets Inc., a Delaware corporation (“SC
Assets”), StableCoinX Inc., a Delaware corporation, (“Pubco”), StableCoinX SPAC Merger Sub LLC, a Delaware limited liability
company and a wholly-owned subsidiary of Pubco (“SPAC Merger Sub”), and StableCoinX Company Merger Sub, Inc., a Delaware corporation
and a wholly-owned subsidiary of Pubco (“Company Merger Sub”), entered into a business combination agreement (the “Business
Combination Agreement”), for a business combination transaction (the “Transaction”) that will result in, among other
things, TLGY and SC Assets becoming wholly owned subsidiaries of Pubco and Pubco becoming a publicly traded company.

On September 8, 2025, Guy
Young, the founder of Ethena Labs S.A., gave an interview on the Empire podcast relating to, among other things, the proposed Transaction.
A transcript of the relevant portions of the interview is provided herewith.

Excerpted Interview Transcript

Host:Yeah, yeah, yeah. So with that as the context, a bunch
of topics I want to get into. The first is you guys just announced the second round on this digital asset treasury, StablecoinX.

I’m going to get these numbers a little wrong because I don’t have
it in front of me, but roughly a $500 million raise, there’s like a couple hundred million in buybacks. I thought the best place to actually
start would be before we go into the actual second raise and stuff like that, tell me about the structural... You had this interesting
tweet back in end of July, which is about the significant challenges with VC unlocks.

And I like to see you say this, because I think a lot of founders are
facing this, but rarely anybody actually confronts it publicly. Tell me about the structural challenge that you were trying to solve with
the digital asset treasuries.

Guy Young:Yeah, so I think the first thing to say