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Digital asset issuer 
Tether has disclosed its participation in $134M private placement investment made this January into Stablecoin Development Corporation (NYSE: SDEV), a digital asset treasury company that holds 2.15B SKY tokens.
What's the Scoop?
- Private Placement: Tether has formally disclosed it participation in Stablecoin Development Corporation’s $134M January private placement raise, alongside Framework Ventures, Sky Frontier Foundation, and others. Although the terms of Tether's specific investment were not disclosed, the raise transferred 943.6M SKY tokens, $25M in cash, and $51M in stablecoin to SDEV, in exchange for warrants to 167M shares of common stock (a position worth at ~$15B upon the transaction's January 16 completion).
- Massive Position: With SKY holdings of 2.15B, SDEV controls approximately 9.15% of total token supply. SDEV actively stakes its holdings, and has earned ~26.6M SKY (~$2M) from its position as of March 26, 2026.
- DAT Performance: Formerly known as NovaBay Pharmaceuticals before rebranding earlier this month, SDEV shares have plummeted 98% since the completion of its private placement offer on January 16. Three months later, the company closed trading on April 16 with a market capitalization of ~$40M.
. @tether 🤝🤝🤝 @SkyEcosystem https://t.co/zMu3m8L3wf
— Vance Spencer (@pythianism) April 15, 2026
