Using recursion, it is possible to walk through a string in XSLT to evaluate every character. To do this, create a new template which accepts only one string parameter. Check the first character and if it's an uppercase character, write a space. Then write the character. Then call the template again with the remaining characters inside a single string. This would result in what you want to do.
That would be your pointer. I will need some time to work out the template. :-)
It took some testing, especially to get the space inside the whole thing. (I misused a character for this!) But this code should give you an idea...
I used this XML:
<?xml version="1.0" encoding="UTF-8"?>
<blah>UserLicenseCode</blah>
and then this stylesheet:
<?xml version="1.0" encoding="UTF-8"?>
<xsl:stylesheet version="1.0" xmlns:xsl="http://www.w3.org/1999/XSL/Transform" xmlns:fo="http://www.w3.org/1999/XSL/Format">
<xsl:output method="text"/>
<xsl:variable name="Space">*</xsl:variable>
<xsl:template match="blah">
<xsl:variable name="Split">
<xsl:call-template name="Split">
<xsl:with-param name="Value" select="."/>
<xsl:with-param name="First" select="true()"/>
</xsl:call-template></xsl:variable>
<xsl:value-of select="translate($Split, '*', ' ')" />
</xsl:template>
<xsl:template name="Split">
<xsl:param name="Value"/>
<xsl:param name="First" select="false()"/>
<xsl:if test="$Value!=''">
<xsl:variable name="FirstChar" select="substring($Value, 1, 1)"/>
<xsl:variable name="Rest" select="substring-after($Value, $FirstChar)"/>
<xsl:if test="not($First)">
<xsl:if test="translate($FirstChar, 'ABCDEFGHIJKLMNOPQRSTUVWXYZ', '..........................')= '.'">
<xsl:value-of select="$Space"/>
</xsl:if>
</xsl:if>
<xsl:value-of select="$FirstChar"/>
<xsl:call-template name="Split">
<xsl:with-param name="Value" select="$Rest"/>
</xsl:call-template>
</xsl:if>
</xsl:template>
</xsl:stylesheet>
and I got this as result:
User License Code
Do keep in mind that spaces and other white-space characters do tend to be stripped away from XML, which is why I used an '*' instead, which I translated to a space.
Of course, this code could be improved. It's what I could come up with in 10 minutes of work. In other languages, it would take less lines of code but in XSLT it's still quite fast, considering the amount of code lines it contains.