Tether backs Stablecoin Development Corporation’s $134 million private placement used to acquire SKY tokens
The Block
Tether has confirmed its investment in Stablecoin Development Corporation's $134 million private placement to support the acquisition of SKY governance tokens.Summary
Tether has revealed its participation in a $134 million private placement for Stablecoin Development Corporation (SDEV), a public holding company focused on the stablecoin sector. The funds were used to acquire a significant stake in SKY, the governance token for the Sky Protocol (formerly MakerDAO). As of late March, SDEV held approximately 9.15% of the total SKY supply. Tether CEO Paolo Ardoino highlighted the investment as part of a broader goal to enhance stablecoin infrastructure and practical adoption.
(Source：The Block)