Company: TLGYF
Filing Date: 2025-10-02
Form Type: 425
Source: 0001213900-25-095334
Chunk: 7

Company: TLGY ACQUISITION CORP
Filing Date: 2025-10-02
Form: 425
Chunk 7
---
 that come up where we can either appoint or maybe give suggestions or change some of the risk committees
within the Ethena protocol, but we don't directly manage that ourselves. As a large ENA token holder, that is how we can mitigate some
of the risks. Then there's also questions about the counterparty risks because the Ethena protocol is running these future basis trades
on various exchanges. Well, the exchange that they run, the biggest exchange that they run on is on Deribit and Deribit now, as you know,
is they're owned by Coinbase or merging with them, and they're going to be $80 or $90 million, $80 or $90 billion market cap company when
they close their merger. I think they already closed actually, so the counterparty risk there is pretty mitigated in my opinion. There's
various different things that are happening, but we've come a long way since those Terra Luna days. In fact, when the funding rates do
go negative, when you close those positions, there is this kind of mean reversion back up to, that's why the funding rate hasn't been
negative for more than one or two weeks. So that mean reversion does allow the protocol to get back into a positive funding rate environment.

Dan Cecilia (Host):Gotcha. Yeah, and like
we were talking about before the show, we've come a long way since we both entered the space and liquidity. We've seen more liquidity
come to the space. Obviously with the positive regulatory environment currently in some of the regulations passed here in the states,
it makes it a more trusted environment to operate. And then Coinbase, some of these counterparties you talked about, they're well capitalized.
So as a participant, that makes me feel pretty good and obviously come a long way since last cycle. So I want to get into this stablecoin
supercycle narrative and dig into this a little bit, because here at TastyTrade we're traditional finance first, we provide access to
derivatives, futures, options, Forex and stablecoins was one of the big things that we've implemented and seen a huge boost with not only
current clients, but new clients' funding. So I want to know your opinion on what's driving demand for stablecoin adoption and then how
Ethena kind of fits into this.

<div align='center'>4</div>

Young Cho (TLGY):So as we've seen, there's