Tether has confirmed its backing of a $134 million private placement by Stablecoin Development Corporation (SDEV) — the company that holds 9.15% of SKY Token — amid the accelerating race for DeFi stablecoin infrastructure.
Tether , the world's largest stablecoin issuer, has confirmed its participation in a $134 million Capital round for Stablecoin Development Corporation (SDEV) — a NYSE American-listed company designed to provide public investors with structured access to the stablecoin sector, particularly through its strategic position in the Sky ecosystem, formerly MakerDAO. Also participating in the Capital round are R01 Fund LP, Sky Frontier Foundation, and Framework Ventures.
SDEV currently holds approximately 2.15 billion SKY Token as of March 31st, equivalent to 9.15% of the total supply, and operates with Sky's USDS stablecoin, currently the third largest stablecoin by market Capital and the largest fully on- chain stablecoin. In addition to holding Token, the company also generates income through participation in Sky's Staking ecosystem, having accumulated approximately 26.6 million SKY Token to date, worth nearly $2 million.
Unusual Capital structure and the path to going public through reverse mergers.
The $134 million Capital round completed in January had a notable structure: it included a Capital of 943.6 million SKY Token , plus $25 million in cash and $51 million in stablecoins used to purchase an additional 1.17 billion SKY Token . Participating investors were also granted warrants to purchase common shares of SDEV, a hybrid mechanism between traditional markets and crypto assets that an increasing number of DeFi companies are adopting to access listed Capital .
SDEV officially launched its trading code on the NYSE American in early April, after completing a reverse merger with NovaBay Pharmaceuticals, a rapid listing model favored by many cryptocurrency companies during a period of uncertain legal conditions.
Tether CEO Paolo Ardoino believes that stablecoins have moved far beyond mere transactions, particularly in markets where traditional financial systems operate inefficiently, and the next phase of adoption will be driven by systems that make digital assets practical in everyday life.
The investment in SDEV directly reflects that direction, a calculated bet on the burgeoning Decentralized Stablecoin infrastructure.
