Stablecoin Development Corp (NYSE American: SDEV) is a digital asset holding company that acquires and holds SKY tokens, the protocol token of the decentralized Sky network. The company's capital allocation strategy centers on holding SKY as a long-term treasury asset, with plans to periodically monetize portions of holdings for general corporate purposes and to evaluate financing arrangements collateralized by SKY. As of March 16, 2026, SKY holdings represented approximately 90% of total company assets, and the company held approximately 9% of the total SKY supply available in the market. The company completed a January 2026 private placement raising $25 million in cash plus approximately $112.4 million in SKY tokens and stablecoins from investors including R01, Framework, Tether Investments, and Sky Frontier Foundation. The company also established an at-the-market offering facility in January 2026 with Virtu Americas LLC covering up to $100.0 million in common stock. SKY derives economic characteristics from protocol-generated revenues tied to stablecoin issuance, collateralized lending, and other on-chain financial services.

Revenue model

The company does not disclose an operating revenue stream from the 10-K excerpts. Its capital strategy involves holding SKY tokens for potential protocol-level economics, including staking distributions and token buybacks governed by the Sky network, and periodically monetizing holdings for corporate purposes.

Products and services

SKY token holdings (protocol token of the decentralized Sky network); custody arrangements with Fireblocks, Inc. and Payward Financial, Inc. (Kraken) for safeguarding digital assets.

Customers and end markets

The filing excerpts do not identify external customers. The company's investor base includes R01, Framework, Tether Investments S.A. de C.V., and Sky Frontier Foundation, each holding board nomination rights tied to maintaining at least 5% ownership of outstanding common stock.

Value-chain role

Treasury holder of SKY protocol tokens within the Sky decentralized network ecosystem. The company acts as a capital allocator rather than an operator, relying on third-party custodians (Fireblocks, Kraken) for asset safeguarding and on Sky network governance for protocol surplus distributions.

Geographic exposure

The filing excerpts do not specify geographic revenue breakdown. Common stock is listed on NYSE American. Custodial service providers are U.S.-based.

Source: SEC 10-K, filed 2026-03-19

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