Company: TLGYF
Filing Date: 2025-10-02
Form Type: 425
Source: 0001213900-25-095334
Chunk: 9

Company: TLGY ACQUISITION CORP
Filing Date: 2025-10-02
Form: 425
Chunk 9
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 are reducing exposure. And then if you're in crypto, you're realizing, oh wow, these issuers,
these stablecoin issuers, they are the buyers and they're the big buyers. And if you're outside of the space, nobody's really paying attention
until obviously this year to these issuers. So yeah, the regulations had to catch up, the laws had to catch up. So I think it fits with
that stablecoin supercycle narrative. And you mentioned Circle, Circle was a massive IPO. I saw it here at Tasty when it went live on
the Trade Desk, some of that stuff, kind of how it traded beginning during its IPO and obviously Tether and Tether just launched plasma.
It's the biggest stablecoin, U.S. dollar Tether being. And so I'm wondering how do you view competition from those players? Obviously
Ethena is a little bit different, but there's those incumbents and then the new entrant. So how do you view that competition?

Young Cho (TLGY):Yeah, so like you mentioned,
they are different USDC and USDT, they don't offer yield to their holders. They keep it all themselves. And so we don't necessarily view
them as competition. In fact, Tether, they're very complimentary to Ethena, right? So USDT, they comprise about 15 to 16% of the collateral,
or we have the Ethena Protocol has a redemption liquidity pool so that they can stay liquid and they can have people that are redeeming,
they can pull their points or their cash out through USDT. So they're very complimentary in that regard. So we don't really view them
as competition, but there are new entrants. We encourage that there's more innovation to come. We're just scratching the surface. And
so even though Ethena is the largest yield bearing stablecoin with roughly about 4 or 5% of all the entire stablecoin market, there's
definitely a lot of room for new entrants to come in. We haven't seen any other compelling other protocols, but I'm sure there's going
to be some. I'm sure there's going to be others. And we have many years to runway until we get to a $3.6 trillion market cap in stablecoins,
50%. I mean, there's so much room for other participants to come in, so we welcome that.

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