Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 417

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 417
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 policies and other economic conditions may influence investors to search for alternative investments, such as digital assets. A more restrictive policy environment could reduce speculative investment in cryptocurrencies, dampen demand for ENA tokens, and limit StablecoinX’s ability to raise capital for token purchases and validator expansion. Conversely, less restrictive policy may fuel volatility and price bubbles, creating both opportunity and risk for ENA tokenomics and StablecoinX’s balance sheet. 200 • Technological Innovation:Rapid advances or unexpected disruptions in blockchain technology present both opportunities and challenges for StablecoinX. Breakthroughs in scalability or consensus mechanisms could enhance validator efficiency and network throughput, while unforeseen vulnerabilities, protocol bugs, or competing technologies could erode confidence in the Ethena Protocol and proposed Converge network or other validation opportunities in the Ethena ecosystem utilizing ENA Token. Such developments may necessitate unplanned investment to upgrade infrastructure and could affect staking rewards, ENA Token utility, and long -termadoption. • Competition from Other Stablecoins and Validators:The emergence of competing stablecoins or alternative validator networks could reduce transaction volume on USDe and the Ethena Protocol and limit staking opportunities for StablecoinX. Heightened competition may compress validator rewards, increase customer -acquisitioncosts, and challenge the perceived uniqueness of ENA Tokens, potentially weakening token value and constraining StablecoinX’s revenue growth and treasury strategy. • Fundamental Changes in the Ethena Protocol:Modifications to Ethena’s tokenomics, governance framework, the proposed Converge network parameters, or other validation opportunities in the Ethena ecosystem utilizing ENA Token, or proposed mechanisms could materially alter StablecoinX’s operating model. Such changes might affect staking yields, validator economics, or any anticipated indirect benefits from the USDe protocol, undermining StablecoinX’s financial forecasts and the intrinsic value of ENA Tokens held in its treasury. • Liquidity and Market Risk:Limited liquidity or sharp volatility in ENA Tokens or other digital assets could hinder StablecoinX’s ability to monetize or hedge its treasury holdings. In stressed markets, wide bid -askspreads and thin trading volumes could amplify price swings, affecting net asset value, impairing capital -raisingefforts, and increasing the cost of staking operations. • Redemption Risk:Significant redemptions by Public Shareholders at or after the Closing could reduce the cash available to StablecoinX for validator infrastructure investments, discounted ENA Token purchases, or other strategic initiatives, potentially delaying growth plans and limiting its