PANews reported on April 16 that, according to The Block, Tether disclosed its participation in a $134 million private funding round previously announced by publicly traded company Stablecoin Development Corporation (SDEV). SDEV holds approximately 2.15 billion SKY governance tokens of the Sky protocol (formerly MakerDAO), representing 9.15% of the total supply, and uses Sky's USDS stablecoin.

The private placement, completed in January, included a deposit of 943.6 million SKY tokens, along with $25 million in cash and $51 million in stablecoins to purchase an additional 1.17 billion SKY tokens. Tether confirmed its participation in the round, with other investors including R01 Fund LP, Sky Frontier Foundation, and Framework Ventures. SDEV also earns SKY tokens through participation in the network's staking ecosystem, currently holding approximately 26.6 million SKY tokens (worth nearly $2 million).