Tlgy Acquisition Corporation · OTC:TLGYF
Tlgy Acquisition — SPAC Merger (July 2025)
35 slides from Tlgy Acquisition's SPAC merger presentation, Jul 21, 2025
Slide 1: StablecoinX Inc. Investor Presentation July 2025
STABLECOINX INC. INVESTOR PRESENTATION JULY 2025
Slide 2: Disclaimers and Other Important Information
Disclaimer 2 Disclaimers and Other Important Information This presentation (this “Presentation”) is being furnished solely to recipients that are “qualified institutional buyers” as defined in Rule 144 A of the Securities Act of 1933 , as amended (the “Securities Act”), or institutional “accredited
Slide 3: Disclaimer (cont'd)
Disclaimer (cont’d) 3 Confidentiality This information is being distributed to you on a confidential basis . By receiving this information, you and your affiliates and Representatives agree to maintain the confidentiality of the information contained herein . Without the express prior written consen
Slide 4: Disclaimer (cont'd): Forward-Looking Statements
Disclaimer (cont’d) 4 Forward - Looking Statements (cont’d) Forward - looking statements speak only as of the date they are made . Readers are cautioned not to put undue reliance on forward - looking statements, and none of the Parties or any of their Representatives assumes any obligation and do no
Slide 5: Executive Summary
EXECUTIVE SUMMARY Introducing StablecoinX Inc. (“StablecoinX” or the “Company”) - StablecoinX is expected to be a NASDAQ - listed public market proxy for stablecoins, tokenization and DeFi via the Ethena Foundation (“Ethena”) ecosystem - Company will generate validator and other income by staking Et
Slide 6: Today's Speakers
TODAY’S SPEAKERS Young Cho CEO of TLGY Acquisition 6 - 27 years experience across fixed income, private credit, and crypto - Previously CFO of Hedera Hashgraph and CIO of Abra - Previously Executive Director at UBS Credit Trading and Director at Citi Special Situations Group Guy Young Founder & CEO
Slide 7: Table of Contents
TABLE OF CONTENTS 1. Stablecoins: An Overview 2. Introduction to Ethena 3. Investment Opportunity Overview 7
Slide 8: Stablecoins: An Overview
\\ Y STABLECOINS AN OVERVIEW
Slide 9: The Stablecoin Supercycle
The Stablecoin Supercycle 1 2 1 (1) Source: https://app.rwa.xyz/stablecoins June 11, 2025. (2) Source: Based on stablecoin supply from https://app.rwa.xyz/ divided by M2 supply data from St. Louis Fed. Data as of as of June 11, 2025. (3) Source: StablecoinX based on average of BCG, Citi, ParaFi, Sta
Slide 10: The Most Important Growth Story in Finance
THE MOST IMPORTANT GROWTH STORY IN FINANCE June 10 May 22 April 25 January 31 June 6 June 5 A friendlier regulatory regime is increasing demand for stablecoins across banks, fintechs, and payment giants, as seen in Circle’s successful IPO 10
Slide 11: Stablecoins: A U.S. Government Priority
STABLECOINS: A U.S. GOVERNMENT PRIORITY “We are going to keep the U.S. the dominant reserve currency in the world, and we will use stablecoins to do that.” - Scott Bessent, U.S. Treasury Secretary (1) Source: https://www.ark - invest.com/articles/analyst - research/stablecoins - as - a - us - financ
Slide 12: Room-Temperature Superconductors for Money
“ “ We believe stablecoins represent a payment innovation that has the potential to expand access to secure, reliable, and convenient payments to more people in more places. 3 “ROOM - TEMPERATURE SUPERCONDUCTORS” FOR MONEY (1) Source: https://a16zcrypto.com/posts/article/stablecoins - data - users -
Slide 13: Significant Growth Opportunity Expected
(1) Source: StablecoinX Inc. based on average of BCG, Citi, ParaFi, Standard Chartered, and Ark Invest 2030 stablecoin supply predictions of $2.4T, $1.6T, $2.1%, $2.0T (2028), and $1.4T respectively.. (2) Source: ParaFi 2030 Predictions - https://youtu.be/yx0uGO4XZ28?t=1277 . (3) Note: 9% of US M2 S
Slide 14: Especially for Yield-Bearing Stablecoins
…ESPECIALLY FOR YIELD - BEARING STABLECOINS Driven by interest - rate sensitive cash holders, yield - bearing stablecoins, just 3% 1 of all stablecoins today, stand to benefit from overall stablecoin expansion while capturing an outsized share of future growth (1) Source: https://blog.cex.io/ecosyst
Slide 15: Introduction to Ethena
INTRODUCTION TO ETHENA Enabling Internet Money 15
Slide 16: Ethena Sits at the Core of Stablecoin Growth
ETHENA SITS AT THE CORE OF STABLECOIN GROWTH STABLECOINS • Issuer of USDe, the 3 rd largest digital dollar after USDT & USDC 1 • Issuer of USDtb, the 8 th largest stablecoin backed by BlackRock’s BUIDL token 2 • Stablecoins expected to be a $1.9 trillion TAM by 2030 3 TOKENIZED ASSETS • Ethena and B
Slide 17: Ethena at a Glance
ETHENA AT A GLANCE Ethena Labs: 3 rd largest issuer of digital dollars behind Tether (USDT) and Circle (USDC), and leading issuer of both fiat backed stablecoins and crypto - native digital dollars 1 (1) Source: DefiLlama.com as of July 20, 2025. (2) Note: While USDtb is issued by a third party, Eth
Slide 18: USDe: Fastest USD Asset to $5B Supply
USDe: FASTEST USD ASSET TO $5B SUPPLY Source: https://mirror.xyz/0x29a99F7Fe080F72223dAd48D5E1E86670a984326/zM601bYC8Tqhh2Yg5JbWdbwUVFSDBV_aV7ipxHoOFvM . 18
Slide 19: Second Fastest Protocol to $100M
SECOND FASTEST PROTOCOL TO $100M Source: https://mirror.xyz/0x29a99F7Fe080F72223dAd48D5E1E86670a984326/zM601bYC8Tqhh2Yg5JbWdbwUVFSDBV_aV7ipxHoOFvM . 19
Slide 20: USDe: Digital Dollar With Native Yield
USDe: Digital Dollar With Native Yield Overview of USDe - Fully collateralized with delta - neutral basis positions - Pegged 1:1 to USD, offering stability without reliance on traditional banking 1 - Launched February 2024, with a circulating supply of ~6.0B tokens as of July 2025 2 How it Works - M
Slide 21: USDtb: Fiat-Backed Digital Dollar
USDtb: Fiat - Backed Digital Dollar Overview of USDtb - Fiat - backed (via BlackRock’s BUIDL, a tokenized money market fund) stablecoin launched by Ethena Labs in December 2024 - Circulating supply of ~1.5B as of June 2025 1 How it Works - Maintains USD peg through cash or cash - equivalent reserves
Slide 22: Blockchain for Stablecoins and Tokenized Assets
BLOCKCHAIN FOR STABLECOINS AND TOKENIZED ASSETS Chain Overview - Partnership between Ethena and BlackRock’s tokenization partner, Securitize - Purpose - built settlement layer for tokenized assets and DeFi - Securitize will issue existing and future tokenized assets Opportunity for Ethena - Drives d
Slide 23: Blockchain Integrations
Blockchain Integrations BEST - IN - CLASS ECOSYSTEM Ethena has achieved best - in - class distribution through one of the deepest ecosystems for any stablecoin startup, achieving partnerships with CeFi, DeFi, and real - world platforms to expand USDe’s accessibility, liquidity, and revenue - generat
Slide 24: Telegram & TON: Accessing 1B+ Users
TELEGRAM & TON: ACCESSING 1B+ USERS Announced in April 2025, the partnership represents one of Ethena’s highest - potential distribution avenues Telegram offers global distribution across over 1 billion users 1 , with presence in emerging economies in Asia, Africa, and Latin America, where USD can b
Slide 25: Ethena Investors and Distribution Partners
oooe ETHENA INVESTORS VENTURE INVESTORS >l< <9 ae FRANKLIN DRAGONFLY (Fidelity TEMPLETON DISTRIBUTION PARTNERS +S, BINANCE BYBIT OF Pp Deribit mxkraken VENTURES a4 25
Slide 26: Investment Opportunity Overview
INVESTMENT OPPORTUNITY OVERVIEW 26
Slide 27: Investment Thesis
INVESTMENT THESIS ENA is The Only Way To Gain Exposure to Ethena and its Leading Position in the Stablecoin Ecosystem - Ethena is driving innovation in stablecoins, tokenized assets via Converge, and DeFi payment rails, positioning it as a cornerstone of the next - generation financial ecosystem - T
Slide 28: The ENA Opportunity
THE ENA OPPORTUNITY (1) Note: Subject to future Ethena Protocol governance approval. 28
Slide 29: The StablecoinX Flywheel
THE STABLECOINX FLYWHEEL 2 3 4 5 1 (1) Capital Markets Activity - Issuing equity initially at 1.0x+ mNAV is accretive to shareholders if purchasing ENA at spot - Depending on discount, purchasing discounted ENA can be accretive to shareholders even at mNAVs below 1.0x (2) Accumulate ENA via Purchase
Slide 30: Merger Overview
MERGER OVERVIEW • TLGY Acquisition Corp. (OTC: TLGYF, “TLGY”) to combine with StablecoinX Assets Inc. (“OpCo”) with the resulting company to be called StablecoinX Inc. (the “Merger”). • OpCo shareholders expected to own ~1.8% of the Company at closing, assuming no redemptions from TLGY’s public shar
Slide 31: Transaction Summary
TRANSACTION SUMMARY Capital Raise Overview StablecoinX Assets Inc. (“Opco”) PIPE Issuer Nasdaq Exchange Equity PIPE Capital Raise Type $363M of gross proceeds. $60M to consist of contribution from the Ethena Foundation at a 30% discount to fair value at closing Size $10.00 per Class A share 1 (the “
Slide 32: Attractive Valuation Relative to Peers
0.8x 10.8x 5.0x 3.2x 2.1x 1.9x 3.4x 2.9x 1.3x 2.2x 20.9x 8.5x NAKA ASST 3350 JP CEP MSTR HODL CN DFDV UPXI SBET TRON HYPD mNAV Multiple StablecoinX 1 Source: TLGY Acquisition Corp. and company public filings. Data as of July 20, 2025. (1) Based on $10.00 per share, $2.5M in estimated transaction exp
Slide 33: Risks Related to the Business and ENA Strategy of Pubco
Risks Related to the Business and ENA Strategy of Pubco Pubco’s principal asset will be ENA . ENA is a highly volatile asset, and Pubco’s operating results may significantly fluctuate, including due to the highly volatile nature of the price of ENA and erratic market movements . Due to Pubco’s l
Slide 34: Risks Related to TLGY and the Proposed Business Combination
Risks Related to TLGY and the Proposed Business Combination TLGY may not be able to obtained the required shareholder approval to consummate the proposed Business Combination. TLGY’s sponsors, directors and officers have potential conflicts of interest in recommending that TLGY’s shareholders vo
Slide 35: Risks Related to Pubco's Securities Following the Business Combination
Risks Related to Pubco’s Securities Following the Consummation of the Proposed Business Combination The parties will incur significant transaction costs in connection with the proposed Business Combination, which may exceed current estimates and expectations, and those costs will be paid using the