Tether Backs $SKY Treasury Company in $134M Private Sale

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 approximately $15B on the transaction's January 16 completion date, based on the stock’s intraday peak of roughly $90 per share).
• 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 at $1.50 per share with a market capitalization of ~$40M.