USBC drew an additional $5.0M under its Master Loan Agreement, increasing total debt to $10.0M, and provided an update on Phase 1 testing of its tokenized deposit product.
Key takeaways
Second Draw of $5.0M under MLA increases total borrowings to $10.0M at 8.5% interest, maturing April 2027.
Loan is secured by Bitcoin collateral held with Payward Financial, subject to margin requirements.
Phase 1 testing of USBC tokenized deposit product is progressing with internal users.
Development costs are accelerating; $3.5M reimbursed to Vast under $10.5M cap through April 30, 2026.
Company continues to evaluate timing for subsequent phases and retail launch.