Tether invested $134 million in failing biopharmaceutical firm NovaBay in March, transforming it into a stablecoin holding company renamed Stablecoin Development Corporation. The entity was used to acquire and stake a significant portion of decentralized stablecoin USDS. The stock price briefly surged to nearly $2 in early April before collapsing to $1, while being artificially propped above that threshold by massive share purchases. The board of directors includes controversial figures such as Yenyou Zheng, named in the Panama Papers, and Swan Sit, a former marketing professional. The company is struggling to maintain its value in a depressed cryptocurrency market and risks being delisted from the NYSE.
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