Tether, the largest issuer of stablecoins in the world, has participated in the funding round of publicly listed Stablecoin Development Corporation (NYSE:SDEV). The company received $134 million in funding. Other investors included R01 Fund LP, Framework Ventures, and more.
SDEV is a small firm that currently trades at a market cap of just $42.3 million
Tether reports that it now serves more than 570 million USD₮ users globally. The company noted that last year, stablecoin transaction volume exceeded $33 trillion, surpassing the combined volume of Visa and Mastercard.
Tether CEO Paolo Ardoino said that making infrastructure more reliable is important. The next phase of adoption will be driven by platforms that make digital assets easier to use and more accessible.
Michael Kazley, CEO and Chairman of SDEV, said the two firms were aligned in the long-term growth of stablecoin use and infrastructure.