In March, Tether invested $134 million in biopharmaceutical firm NovaBay, altering the company's trajectory and turning it into a stablecoin holding firm. Following the move, the New York Stock Exchange-listed corporation was renamed Stablecoin Development Corporat and used to acquire and stake USDS, a decentralized stablecoin formerly known as MakerDAO.
According to Stablecoin Development Corporat's website, the acquisition was intended to provide Tether and USDS with public market access, new markets such as mortgage and prime brokerage lending, and unique partnerships. The website also projected year-on-year revenue growth for USDS of 81% and predicted stablecoin markets would grow to $1 trillion within a year and a half.
Despite a brief increase in share price from $1.30 to nearly $2.00 in early April, the company's stock price has dropped to $1.00. The stock has periodically dipped below $1.00—falling to $0.94 before recovering—which presents a risk because companies falling below $1.00 for a 30-day period face delisting from the NYSE.
The company's leadership team includes CEO Michael Kazley, whose investment fund R01 Fund LP placed a wager of over $4 million on the entity. Kazley noted that the c-suite considers USDS and the SKY Protocol undervalued and holds a stake greater than 9%. Tommy Law serves as CFO, retaining an interim role held since NovaBay's prior operations, while COO Henry Blynn was brought on as a consultant in October 2025.
Stablecoin Development Corporat's board of directors includes Yenyou Zheng, who chairs the audit committee and was previously listed in the ICIJ’s Panama Papers regarding China Vitup Healthcare Holdings. Other board members include Swan Sit and Paul E. Freiman, whose background consists of working for pharmaceutical companies for over four decades.
