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.
• Private Placement: Tether has revealed it invested $134M into Stablecoin Development Corporation’s 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 transfered 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.