StablecoinX, which trades under the ticker USDE and holds Ethena's ENA token as a treasury asset, is restructuring $6.879 million of defaulted former-SPAC notes held by TLGY Sponsors LLC, CPC Sponsor Opportunities I LP and CPC Sponsor Opportunities I (Parallel) LP. The agreement requires about $343,966 in cash and two warrant tranches representing approximately 7.62 million potential Class A shares, shifting roughly $6.535 million of near-term repayment pressure away from cash and toward a claim on future equity. The warrants would not dilute existing holders unless exercised, and full discharge remains conditional on delivering the cash and issuing the warrants. StablecoinX's June-quarter filing said the obligations became repayable when its business combination with TLGY Acquisition Corporation closed on June 25, but they had not been repaid or converted and were in default. The holders waived that default under an Aug. 5 term sheet before definitive agreements were signed Aug. 21. The new warrants become exercisable Sept. 20. 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 shares closed Aug. 24 at $6.27, below both strike prices. The restructuring reduces immediate cash needs, but any eventual dilution depends on exercise and future market economics.