Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 408

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 408
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, Stablecoin supply has grown approximately 45% year -over -yearfrom June 2024 to June 2025, indicating strong demand and expanding utility. Despite this growth, stablecoins currently represent only 1.1% of the U.S. M2 money supply, highlighting the potential for further expansion. Looking ahead, we expect that the market size for stablecoins will grow to approximately $500 to $750 million by 2028. We believe this significant projected growth underscores the long -termthematic investment opportunity in the stablecoin sector. Furthermore, as the regulatory environment for stablecoins and other digital assets becomes more favorable, we expect there will be a significant increase in the demand for stablecoins across major financial institutions, fintech companies, and payment giants. We are seeing this play out in real -time, with several major companies indicating plans to utilize stablecoins to replace their outdated financial infrastructure. This trend extends to emerging markets, where stablecoins are finding significant product -marketfit in economies facing inflationary pressures. Ethena Protocol We believe the Ethena Protocol is strategically positioned at the core of stablecoin growth for several reasons. For example, Ethena Labs, as the issuer of USDe through Ethena’s affiliates, USDe, has rapidly become the third largest stablecoin by market capitalization, trailing only Tether’s stablecoin (USDT) and Circle’s stablecoin (USDC). We believe Ethena’s strategy, along with its affiliates, and its partnership with Ethena Labs, positions it uniquely across different stablecoin paradigms. Beyond stablecoins, Ethena, through its affiliates, and its partnership with Ethena Labs, is also involved in tokenized assets. For example, Ethena Labs has partnered with BlackRock’s tokenization partner, Securitize, to launch a blockchain, called the Converge network, specifically for the settlement of digital dollars and other tokenized asset. We believe that this partnership with Securitize presents a tremendous opportunity for Ethena. It is expected to drive substantial demand for both USDe and sUSDe, as they are expected to serve as collateral for tokenized assets on various 195 DeFi applications. Moreover, Ethena stands to significantly benefit from the onboarding of institutional capital flows into the crypto space, as Converge contemplates providing a regulated and efficient pathway for traditional finance to interact with digital assets. In addition, the ENA Token will be the governance token for the Converge