Company: TLGYF
Filing Date: 2025-08-13
Form Type: 425
Source: 0001213900-25-075251
Chunk: 25

Company: TLGY ACQUISITION CORP
Filing Date: 2025-08-13
Form: 425
Chunk 25
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've at least heard what the team
is planning to pitch to Wall Street, but I'd be so curious to hear like what the pitch is or what the narrative is and even just like
how they understand kind of like the synthetic dollar versus a stablecoin, you know. I'm just yeah, I'm just curious to hear like what
that world thinks of Ethena.

Guy Young:So I think there's obviously
recognition that the product obviously looks different to what circle's doing, but I think the you know business model and the way that
you sort of generate revenue and how that flows through sort of through a P&L doesn't look too dissimilar from what you see to Circle.
So I think the very simple picture as you've seen Circle trade up to, you know, around $60 billion in market cap generating around $150
million dollars of income. That's not too far off where Ethena is. I think the growth of Ethena in the last month has actually been some
of the strongest that we've ever seen since we've launched. So month on month the supply is up around 70% from like $5.5 bill to just
under $10 billion right now. And so you don't actually often see things growing quite as quickly as Ethena is right now at the scale that
it is at multi-billions you know in an area that there's clearly a lot of excitement in terms of the forward looking growth profile. I
think the macro view that I think people have around Circle and it was a piece that I actually learned a little bit about because if you
remember when Circle was IPOing I think there's a lot of negativity internally within crypto around the business the go forward profile
and then everyone was wrong basically in terms of

Laura Shin:Some of them may some of that
may have been said on my show by one of your investors named Arthur Hayes. and this and actually also someone from Dragonfly.

<div align='center'>13</div>

Rob Hadick:I forgot Omar did the same.

Guy Young:And I'll admit myself, I sort
of shed similar sentiment, but I think the piece that I got wrong is that the way that these investors are looking about things is stablecoins
kind of represent 1% of money supply in the world right now. And if you look at payments companies and the aggregate sort of equity value
that sits within those, it's well north of like a trillion between one