Tether's $134M stablecoin play sees shares slide toward NYSE delisting
What's the deal? Tether invested $134 million in failing biopharmaceutical firm Stablecoin Development CorporationDealroom has a profile for this one. Try Dealroom → in March 2026, turning the New York Stock Exchange-listed company, formerly NovaBay Pharmaceuticals, into a stablecoin holding company. The company was used to purchase and stake a large share of rival stablecoin USDSDealroom has a profile for this one. Try Dealroom →, previously known as MakerDAO.
What it means. The reverse merger gives Tether and USDS public-market access, alongside potential entry into mortgage and prime-brokerage lending markets. Stablecoin Development Corporation has forecast that the stablecoin market could grow from roughly $300 billion to $1 trillion within 18 months and projected 81% year-on-year revenue growth for USDS.
The signal. The company's share price rose from $1.30 to nearly $2.00 in April 2026 before falling back to around $1.00 in August 2026. The move shows how crypto companies can use distressed listed shells to reach public markets and gain exposure to rival stablecoins, while also highlighting the risks of building a stablecoin vehicle around a struggling public company.
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