Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 437

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 437
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 that can lead to which validators are chosen to propose validated blocks that will ultimately receive the block reward. Validators, such as those that will be operated by StablecoinX, play a critical role in maintaining the integrity of these networks by validating transactions and proposing new blocks for inclusion in the blockchain. Stablecoins and Market Outlook According to RWA.xyz, 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this play out in real -time, with several major companies indicating plans to utilize stablecoins to replace their outdated financial infrastructure.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 announced a partnership 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. If it launches, it is expected to drive substantial demand for both USDe and sUSDe, as they are expected to serve