Tether Backs $134M Stablecoin Bet to Bring Crypto Into Everyday Use
- Tether Investments participated in a US$134 million private placement for Stablecoin Development Corporation (NYSE: SDEV), alongside R01 Fund LP and Framework Ventures.
- SDEV holds 2.15 billion SKY governance tokens, 9.15% of Sky Protocol’s total supply, and operates within the DeFi ecosystem built around Sky’s USDS stablecoin.
- Tether CEO Paolo Ardoino said “making infrastructure more reliable is important,” signalling a push beyond stablecoin issuance into broader ecosystem investment.
Tether Investments participated in a US$134 million (AU$194.3 million) private placement in Stablecoin Development Corporation (SDEV), announced April 15, alongside R01 Fund LP and Framework Ventures.
The funding significantly increases its capital base and implies dilution for existing shareholders.
The company’s primary asset is 2.15 billion SKY governance tokens, equal to 9.15% of the total supply of Sky Protocol, the decentralised finance platform previously known as MakerDAO.
Sky Protocol operates the USDS stablecoin, giving SDEV influence over protocol governance and exposure to stablecoin infrastructure at the protocol level.
Related: Saylor’s Strategy Nears 800K Bitcoin as Billion-Dollar Buying Spree Continues
More Activities Beyond USDT
As per the press release, Tether’s participation extends its activity beyond USDT issuance into infrastructure and equity exposure. The investment provides access to a publicly listed vehicle tied to stablecoin and DeFi markets, allowing indirect participation in the sector through traditional financial markets.
Framework Ventures, a venture firm focused on decentralised finance, also joined the round, adding institutional backing from crypto-native investors.
SDEV plans to use the capital to expand infrastructure supporting stablecoin payments, transfers, and cross-platform financial systems. The structure of the raise, at more than three times the company’s pre-raise market value, indicates a recapitalisation aimed at accelerating growth.
The investment connects three components: Tether’s position in stablecoin issuance, Sky Protocol’s decentralised infrastructure, and SDEV’s public market access.
Recently, Tether made promises to perform a long-awaited audit, but the accounting firm remains a mystery, as always.
Related: Ondo Finance Pushes SEC to Greenlight Ethereum-Powered Tokenised Securities
The post Tether Backs $134M Stablecoin Bet to Bring Crypto Into Everyday Use appeared first on Crypto News Australia.
You May Also Like
PI steadies at $0.1770 amid core team’s mainnet upgrade plans
Ethereum Slides Amid ETF Sell-Off; $2K Level in Focus
