Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 445

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 445
---
 with the protocol’s rules for liquidity management. USDtb • Tokenomics and Lifecycle: USDtb is a collateral -backedstablecoin designed to function as a “digital dollar” for payments and settlement. Unlike USDe, which employs protocol -levelhedging strategies, USDtb is fully backed by institutional -gradeassets, primarily through BlackRock’s USD Institutional Digital Liquidity Fund. The value of USDtb is directly tied to the net asset value of the underlying collateral. • Use Cases: USDtb is used as a collateral asset to support USDe, particularly during periods of negative funding rates, by enabling the protocol to reallocate reserves from hedged positions. Additional uses include serving as a stable medium of exchange in DeFi applications, facilitating transfers, and participating in yield -generatingstrategies. • Interrelationships: USDtb is closely linked to USDe because the protocol may reallocate USDe backing assets to USDtb to support USDe during periods of negative funding rates or other market stress to mitigate risks, preserve peg stability, and generate baseline Treasury yields. USDtb also serves as a key component to Ethena’s Stablecoin -as - a-Serviceofferings for third -partyprotocols (e.g., backing whitelabel stablecoins like MegaETH’s USDm), bridging synthetic models like USDe with collateral -backedassets. • Market Capitalization: Approximately $851 million as of December15, 2025. • Volatility and Value Trends: USDtb is designed to maintain a value near $1.00, supported by fully collateralized reserves. Its effective value may fluctuate slightly due to market conditions, changes in the underlying assets, or operational factors, and is not guaranteed. • Unbonding Period: USDtb does not have a mandatory unbonding or cooldown period. Eligible users may mint or redeem USDtb immediately in accordance with the protocol’s operational rules. Government Regulation The laws and regulations applicable to ENA Token and other digital assets are evolving and subject to interpretation and change. Governments around the world have reacted differently to digital assets. Certain governments have deemed them illegal, and others have allowed their use and trade without restriction, while in some jurisdictions, such as the U.S., digital assets are subject to overlapping, uncertain and evolving regulatory requirements. As digital assets have grown in both popularity and market size, the U.S. Executive Branch, Congress, and a number of U.S. federal and state agencies, including the Financial Crimes Enforcement Network, the CFTC, the SEC, the Financial