Tether Participates in SDEV's $134M Private Funding Round to Increase SKY Holdings

Gate News message, April 16 — Tether confirmed its participation in Stablecoin Development Corporation (SDEV), a publicly listed company, in a $134 million private funding round completed in January. SDEV is positioned to provide public market investors exposure to the stablecoin sector, with core holdings in Sky Protocol's governance token SKY and the stablecoin USDS.

The funding comprised 9.436 billion SKY tokens, $25 million in cash, and $51 million in stablecoins. These proceeds were deployed to purchase approximately 11.7 billion additional SKY tokens.

As of March 31, SDEV held approximately 2.15 billion SKY tokens, representing about 9.15% of total supply.