USBC Inc.
05/01/2026 | Press release | Distributed by Public on 05/01/2026 07:20
Financial Obligation (Form 8-K)
Item 2.03 - Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
On April 27, 2026, USBC, Inc. (the "Company") drew an additional fixed-rate borrowing of $5.0 million (the "Second Draw") under its previously disclosed Master Loan Agreement with Payward Interactive dated March 18, 2026 (the "MLA"), which provides for borrowings of up to $25.0 million in aggregate principal amount for up to a twelve-month term, subject to the execution of one or more individual loan term sheets.
The Second Draw increases the aggregate principal amount outstanding under the MLA to $10.0 million and bears interest at a rate of 8.5% per annum maturing on April 27, 2027, unless earlier terminated in accordance with the terms of the MLA.
Borrowings under the MLA are solely secured by Bitcoin collateral held in custody with Payward Financial, Inc. and subject to customary collateral maintenance provisions, including specified margin requirements and liquidation rights in the event of a collateral shortfall.
The foregoing description of the MLA does not purport to be complete and is qualified in its entirety by reference to the full text of the MLA, a copy of which was filed as Exhibit 10.34 to the Company's Transition Report on Form 10-K for the transition period from October 1, 2025 to December 31, 2025, as filed with the Securities and Exchange Commission (the "SEC") on March 25, 2026.
Item 8.01 - Other Events
On March 10, 2026, the Company announced the initiation of Phase 1 of its multi-phase delivery strategy to bring the USBC tokenized deposit product to market. Phase 1 is being conducted with a limited group of internal users to perform technical readiness testing of product features, such as onboarding and identity recovery, ACH funding, spending, treasury conversion, messaging, and activity logging in a controlled environment.
Phase 1 testing is progressing and development activity continues to advance across vendor coordination, infrastructure build-out, and platform integration, with the Company engaging specialized partners to support key components of the tokenized deposit product offering. Results to date are informing the Company's evaluation of timing for subsequent phases of the product delivery strategy and the ultimate retail product launch. Associated development costs are accelerating as the program advances and are expected to be significant.
The Company continues to execute under its Affiliate Services Agreement with Vast Holdings, Inc. ("Vast"), pursuant to which Vast provides strategic, operational and administrative services that support the development of the Company's tokenized deposit platform (the "Agreement"). As of April 30, 2026, the Company has incurred approximately $3.5 million in reimbursements to Vast for actual development-related costs under the $10.5 million cap contained in the Agreement which expires on December 31, 2026.
The foregoing description of the Affiliate Services Agreement with Vast does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, a copy of which was filed as Exhibit 10.35 to the Company's Transition Report on Form 10-K for the transition period from October 1, 2025 to December 31, 2025, as filed with the SEC on March 25, 2026.
USBC Inc. published this content on May 01, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on May 01, 2026 at 13:20 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]