Tether Supports SDEV’s Major SKY Acquisition
On April 15, 2026, Tether confirmed its participation in Stablecoin Development Corporation (SDEV)’s $134 million private placement that closed in January 2026, according to a release.
SDEV is a publicly-traded holding company (NYSE American: SDEV) focused on providing structured exposure to the stablecoin and decentralized finance (DeFi) sector. The firm holds a significant treasury of SKY tokens (the governance token of the Sky protocol, formerly MakerDAO) and utilizes USDS, the third-largest stablecoin by market cap and the largest fully on-chain stablecoin.
Details of the Fundraising and SKY Holdings
The $134 million raise included:
- A deposit of 943.6 million SKY tokens
- $25 million in cash
- $51 million in stablecoins used to purchase an additional 1.17 billion SKY tokens
Investors received warrants to purchase SDEV common stock. As of March 31, 2026, SDEV holds approximately 2.15 billion SKY tokens, representing about 9.15% of the total SKY supply. The company also earns additional SKY through staking in the Sky ecosystem, having accumulated roughly 26.6 million SKY (worth nearly $2 million) so far.
Participants in the round included Tether, R01 Fund LP, Sky Frontier Foundation, and Framework Ventures (a key supporter of the Sky network).
Tether’s Strategic Involvement
Tether CEO Paolo Ardoino commented on the broader importance of stablecoins, stating:
“Stablecoins are already being used far beyond trading, especially in places where traditional systems don’t work well. What matters now is making that infrastructure more reliable and easier to use, so people can rely on it day to day.”
Tether’s backing of SDEV aligns with its long-term strategy of supporting infrastructure that promotes practical, everyday use of digital assets and stablecoins.
Market Context
SDEV was formed through a merger with NovaBay Pharmaceuticals, with its updated ticker going live on the NYSE American in early April 2026. The company aims to bridge traditional public markets with the stablecoin and DeFi sectors by holding significant SKY exposure and participating in the Sky protocol’s ecosystem.
This move reflects growing institutional and corporate interest in structured exposure to decentralized stablecoins and governance tokens.
