Nasdaq-listed StablecoinX has restructured $6.879 million of defaulted former-SPAC notes, settling the obligations with roughly $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 agreement moves about $6.535 million of near-term repayment pressure off the company's cash balance and onto a claim against future equity. Existing holders face no dilution unless the warrants are exercised. The filing confirms the warrant issuance and the related waivers, though full discharge remains conditional on delivery of the cash component and issuance of the warrants, and the filing does not separately document every cash payment.

StablecoinX trades under the ticker USDE and holds Ethena's $ENA token as a treasury asset. Ethena is the issuer of USDe, a synthetic dollar, and StablecoinX applies to $ENA the treasury-company model popularized by bitcoin-focused Strategy, formerly MicroStrategy, in which a listed vehicle anchors its equity story to token reserves rather than operating earnings alone; it is one of a wave of crypto treasury companies to reach public markets, some through SPAC mergers. The obligations stem from its business combination with TLGY Acquisition Corporation, which carried a former-SPAC liability into the capital structure of the Ethena-linked company. Notes owed to SPAC sponsors — typically advances extended during the blank-check phase that come due when a combination closes — are a recurring feature of de-SPAC capital structures. The notes were held by TLGY Sponsors LLC, CPC Sponsor Opportunities I LP and CPC Sponsor Opportunities I (Parallel) LP.

According to StablecoinX's June-quarter filing, the obligations became repayable when the business combination closed on June 25, but they were neither repaid nor converted and fell into default. The holders waived that payment default under an Aug. 5 term sheet, and the parties signed definitive agreements on Aug. 21.

How the restructuring adds up

The restructuring splits the note balance three ways: 5% is payable in cash, 47.5% is allocated to Tranche A warrants at a $1 issue value, and 47.5% goes to Tranche B warrants at a $0.75 issue value.

Applied to the reported balance, those terms produce a cash payment of $343,966 and warrant consideration of $6.535 million. The same calculation yields about 3.27 million Tranche A warrants and 4.36 million Tranche B warrants, or approximately 7.62 million in total. StablecoinX did not disclose an aggregate warrant count; that figure is CryptoSlate's calculation from the disclosed allocation and issue values.

That potential share pool equals roughly 31.7% of StablecoinX's 24.029 million Class A shares outstanding as of Aug. 12. Widening the comparison, adding 11.5 million existing public warrants and 78,635 restricted stock units to the outstanding Class A shares produces a pre-deal potential-share baseline of about 35.61 million, against which the new warrants represent roughly 21.4%.

The 35.61 million figure is a transparent instrument count, not a company-reported or GAAP diluted share count. The restricted stock units were anti-dilutive for earnings-per-share purposes, and cashless warrant exercise can result in fewer shares than the one-warrant, one-share maximum.

Warrant terms and protections

The new warrants become exercisable on Sept. 20, 30 days after issuance. Tranche A carries an $11.50 exercise price and expires June 25, 2031, while Tranche B carries a $15 exercise price and expires Aug. 21, 2034. StablecoinX's USDE shares closed at $6.27 on Aug. 24, according to Investing.com, below both strike prices. That figure is a market snapshot, not a forecast of whether either tranche will be exercised.

The warrants are non-redeemable — meaning StablecoinX cannot call them for early exercise — and include cashless-exercise rights, which let holders settle for shares based on the warrants' intrinsic value rather than paying the strike price in cash, while held by the former sponsors or permitted transferees. Those protections can fall away after other transfers.

Cash position

StablecoinX reported $18.856 million of cash at June 30. The roughly $344,000 cash component equals about 1.8% of that balance, compared with 36.5% for the full note amount. Its $ENA holdings are restricted and exposed to market prices, so they are not a substitute for unrestricted cash.

The restructuring therefore sharply reduces the cash required to address the former-SPAC notes, while actual dilution remains dependent on the warrants' exercise terms and future economics.