Fugazi Research published a highly critical report on Stablecoin Development Corporation on October 5, 2026, labeling the stock (ticker: SDEV) uninvestable at any price above zero. According to the firm, the company has no stablecoin infrastructure and no real operating business, holding instead a massive treasury of approximately 2.32 billion SKY tokens, representing about 10% of total supply and valued at roughly $180 million as of September 30. SDEV generated only $2.2 million in staking rewards in Q2 2026 with no significant operating revenue. The report also highlights dilution risk from a pending S-3 registration that could enable resale of 212.9 million shares, equivalent to 4x the current outstanding count, as well as concerns over ownership concentration and potential conflicts of interest.
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