Company: TLGYF
Filing Date: 2025-07-22
Form Type: 425
Source: 0001213900-25-066736
Chunk: 5

Company: TLGY ACQUISITION CORP
Filing Date: 2025-07-22
Form: 425
Chunk 5
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 for yield-bearing Stablecoins. These assets are poised to benefit significantly from the overall expansion of the Stablecoin
market, while simultaneously capturing an outsized share of future growth, driven by interest-rate sensitive cash holders.

Currently, yield-bearing Stablecoins constitute
only about 3% of all Stablecoins. However, J.P. Morgan projects that yield-bearing Stablecoins could grow from 6% to as much as 50% of
the market share.

This is a massive potential increase. To put this
in perspective, if the total Stablecoin supply reaches $1.9 trillion by 2030, the 50% market share for yield-bearing Stablecoins would
translate to a $950 billion opportunity. This clearly highlights the enormous upside potential within this specific segment of the Stablecoin
market.

Now, let me turn over the call to Guy Young, who
can provide an overview of Ethena and its positioning in the Stablecoin ecosystem.

Guy Young(Ethena; Founder; Chief Executive Officer): Thanks a lot. So my name is Guy Young. I’m the Founder of Ethena and appreciate the introduction. So, the
background for Ethena is we really think that we’re strategically positioned at the core of the Stablecoin growth cycle for a bunch
of different reasons.

Ethena is responsible for the issuance of USDE,
which, as was mentioned earlier, has become the third largest digital dollar behind only USDte and USDC, issued by Tether and Circle.
Ethena also issues a separate product called USDtb, which is the largest holder of BlackRock’s BUIDL token, which is the tokenized
money market fund that they issue. And this dual issuance strategy allows Ethena to uniquely offer different dollar products across the
full risk spectrum to address users’ needs across the Stablecoin landscape.

Beyond Stablecoins, we’re also pretty deeply
involved within tokenized assets and have partnered with BlackRock’s tokenization partner, Securitize, to launch a blockchain specifically
for the settlement of digital dollars and other tokenized assets. And we’re regularly in discussions with other asset managers
with novel structures and products that tokenization could unlock.

We view this as an enormous growth opportunity,
as was described earlier, where RWAs alongside Stablecoins are really at the infancy of their growth. And I think this aligns perfectly
with Larry Fink’s vision that every stock, every bond, every fund, every asset that can be tokenized will be tokenized.