Nasdaq-listed crypto treasury avoids cash drain by pushing millions in defaulted SPAC debt onto future equity

Nasdaq-listed StablecoinX's debt restructuring covers $6.879 million of defaulted former-SPAC notes with about $344,000 in cash and two warrant tranches representing approximately 7.62 million potential Class A shares, according to an Aug. 24 regulatory filing.

The deal shifts roughly $6.535 million of near-term repayment pressure away from cash and into a claim on future equity. The warrants do not dilute existing holders unless they are exercised. Under the restructuring agreement, full discharge also remains conditional on delivery of the cash component and issuance of the warrants. The filing confirms the warrant issuance and related waivers, but does not separately document every cash payment.

StablecoinX trades under the ticker USDE and holds Ethena's ENA token as a treasury asset. The obligations arose from its business combination with TLGY Acquisition Corporation, bringing a former-SPAC liability into the capital structure of the Ethena-linked company.

The notes were held by TLGY Sponsors LLC, CPC Sponsor Opportunities I LP and CPC Sponsor Opportunities I (Parallel) LP. StablecoinX's June-quarter filing said the obligations became repayable when the business combination closed June 25, but had not been repaid or converted and were in default. The holders waived that payment default under an Aug. 5 term sheet before the parties signed definitive agreements Aug. 21.

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