Crypto
Tether's NovaBay Deal Turns Sour as Stablecoin Development Corporat Struggles
Tether's investment in failing biopharmaceutical firm NovaBay has led to its transformation into Stablecoin Development Corporat, a stablecoin holding company.
The move saw Tether invest $134 million in March and purchase a large stake of rival stablecoin USDS (previously known as MakerDAO).
USDS is a decentralized stablecoin that's pegged to the US dollar through overcollateralized vaults and automated liquidations, unlike centralized stablecoins like Tether or USDC which rely on real-world assets.