Tether借壳上市控股公司，股价跌破1美元面临退市风险
Tether has publicly listed a company that partially controls USDS
Tether invested $134 million in failing biopharmaceutical firm NovaBay in March, turning it into a stablecoin holding company.
Tether 在三月份向陷入困境的生物制药公司 NovaBay 投资了 1.34 亿美元，将其转变为稳定币控股公司。
The move completely altered the path of the New York Stock Exchange-listed corporation. Its name was changed to Stablecoin Development Corporat, and it was used to purchase and stake a large swath of rival stablecoin USDS (previously known as MakerDAO).
此举彻底改变了这家纽约证券交易所上市公司的路径。其名称更改为 Stablecoin Development Corporat，并用于购买和质押大量竞争对手稳定币 USDS（前身为 MakerDAO）。
USDS, unlike Tether or USDC, is a decentralized stablecoin that’s pegged to the US dollar through overcollateralized vaults and automated liquidations. Centralized stablecoins like Tether and USDC rely on real-world assets, such as Treasury bills, overnight repo agreements, loans, and precious metals.
与 Tether 或 USDC 不同，USDS 是一种去中心化稳定币，通过超额抵押金库和自动清算与美元挂钩。像 Tether 和 USDC 这样的中心化稳定币依赖于现实世界资产，如国库券、隔夜回购协议、贷款和贵金属。
USDS is unrestrained by hypothetical audits, financial statements, or bank runs.
USDS 不受假设性审计、财务报表或银行挤兑的约束。
Interesting investment, but it’s not working out
有趣的投資，但并未奏效
The decision to reverse-merge with NovaBay so that Tether could make a not-insignificant investment in USDS and continue to accumulate and stake the stablecoin was certainly an interesting choice from the c-suite at Digifinex.
决定与 NovaBay 进行反向合并，以便 Tether 能对 USDS 进行一笔不小的投资，并继续积累和质押该稳定币，这无疑是 Digifinex 高层做出的一个有趣选择。
As stated on Stablecoin Development Corporat’s website, the acquisition provides Tether and USDS with “public market access,” new markets to participate in (including mortgage and prime brokerage lending markets), and possible unique partnerships.
正如 Stablecoin Development Corporat 网站上所述，此次收购为 Tether 和 USDS 提供了“公开市场准入”，参与新市场（包括抵押贷款和主要经纪贷款市场）的机会，以及可能的独特合作伙伴关系。
The website also makes claims about the future of stablecoins and USDS, suggesting that within a year and a half stablecoin markets will grow from ~$300 billion to $1 trillion and forecasting revenue growth year-on-year for USDS of 81%.
该网站还对稳定币和 USDS 的未来做出了声明，暗示在一年半内稳定币市场将从约 3000 亿美元增长至 1 万亿美元，并预测 USDS 的年同比增长收入为 81%。
However, those hypothetical benefits haven’t come to fruition.
然而，这些假设性的好处并未实现。
Instead, despite a brief bump in the stock price after the announcement which saw it rise from $1.30 to almost $2.00 in early April, Stablecoin Development Corporat’s share price has collapsed to $1.00 as of writing.
相反，尽管公告后股价短暂上涨，在四月初从 1.30 美元升至近 2.00 美元，但截至撰写本文时，Stablecoin Development Corporat 的股价已跌至 1.00 美元。
The company’s website forecasted revenue growth year-on-year for USDS of 81%. It was wrong.
该公司网站预测 USDS 的年同比增长收入为 81%。这个预测是错误的。
Read more: What the Tether audit means for the crypto industry
阅读更多：Tether 审计对加密货币行业意味着什么
Interestingly, every time that the stock briefly falls below $1.00, someone or some entity purchases enough shares to push it back up.
有趣的是，每当股价短暂跌破 1.00 美元时，总会有某人或某个实体购买足够的股票将其推回。
For example, three days ago, the price of Stablecoin Development Corporat’s shares fell to $0.94. Within 24 hours the price had miraculously recovered over 6% to just over $1.00.
例如，三天前，Stablecoin Development Corporat 的股价跌至 0.94 美元。在 24 小时内，价格奇迹般地回升超过 6%，略高于 1.00 美元。
If any company’s share prices fall below $1.00 for a 30-day period then the company is delisted from the NYSE.
如果任何公司的股价在 30 天内跌破 1.00 美元，该公司将从纽约证券交易所退市。
Bizarre executive leadership
奇怪的高管领导层
Similar to how Tether and Bitfinex operated with a strange smattering of executives and equity holders in its initial years, Stablecoin Development Corporat also plays host to a curious who’s who of financiers and influencers.
类似于Tether和Bitfinex在成立初期与一群奇怪的执行官和股东合作的方式，Stablecoin Development Corporat也汇聚了一批令人好奇的金融家和影响者。
To start with, at the helm of Stablecoin Development Corporat is Michael Kazley, who seems to have fallen into the CEO role by simply being one of the main investors during the reverse merger between NovaBay and Tether.
首先，Stablecoin Development Corporat的掌舵人是Michael Kazley，他似乎仅仅因为是在NovaBay与Tether反向合并期间的主要投资者之一而成为了CEO。
His investment fund, R01 Fund LP, placed a large wager of over $4 million on the new entity and seemingly made few, if any, other major investments.
他的投资基金R01 Fund LP对新实体下了超过400万美元的大赌注，但似乎几乎没有其他重大投资。
Kazley has stated that the c-suite see USDS (and the associated SKY Protocol) as “undervalued” and that Stablecoin Development Corporat is “wildly bullish” on it, taking on a “greater than a 9% stake.”
Kazley表示，公司高层认为USDS（以及相关的SKY协议）被“低估”，Stablecoin Development Corporat对其“极度看涨”，持有“超过9%的股份”。
Read more: Tether vs. Circle: The battle for stablecoin dominance
阅读更多：Tether vs. Circle：稳定币主导权之争
The company’s CFO is Tommy Law, who was named as interim CFO of NovaBay back in 2023.
公司的CFO是Tommy Law，他在2023年被任命为NovaBay的临时CFO。
He’s somehow retained this position despite helping to drive the medical company into the ground and holding no certifications or licenses related to his role.
尽管他帮助将这家医疗公司推向破产，且没有持有与其职位相关的任何认证或许可证，但他不知何故仍保留了这一职位。
Lastly, Henry Blynn, the COO, appears to be a holdover from the final days of NovaBay. The 32-year-old was brought on as a consultant in October 2025.
最后，COO Henry Blynn似乎是NovaBay最后时期的遗留人员。这位32岁的年轻人在2025年10月被聘为顾问。
Board raises more questions than answers
董事会引发的问题多于答案
Stablecoin Development Corporat’s board of directors is a peculiar mix of individuals completely unassociated with cryptocurrencies and stablecoins.
Stablecoin Development Corporat的董事会成员构成奇特，混合了与加密货币和稳定币完全无关的个人。
For instance, Yenyou Zheng, who chairs the audit committee and nominating and corporate governance committee and sits on the compensation committee for Stablecoin Development Corporat, was listed in the ICIJ’s Panama Papers for his involvement with China Vitup Healthcare Holdings.
例如，担任Stablecoin Development Corporat审计委员会、提名和公司治理委员会主席，并任职于薪酬委员会的Yenyou Zheng，因参与中国Vitup Healthcare Holdings而被列入ICIJ的巴拿马文件。
The now defunct Dalian, China-based entity was once listed on OTCMarkets as China Vitup Hospital before changing its name to Emergency Pest Services, and most recently to Clean Vision Corporation.
这家现已解散的位于中国大连的实体曾以China Vitup Hospital的名义在OTCMarkets上市，后更名为Emergency Pest Services，最近又更名为Clean Vision Corporation。
Also on the board, and sitting on all three committees, is Swan Sit, a Hong Kong native who emigrated to Boston at the age of six.
同样在董事会并任职于所有三个委员会的还有Swan Sit，她是一位香港人，六岁时移民到波士顿。
She calls herself a “thought leader and business disrupter,” and has played a marketing role for numerous brands throughout her career. It’s unclear how she’s qualified to sit on the audit or compensation committees.
她自称是“思想领袖和商业颠覆者”，并在职业生涯中为众多品牌担任过营销角色。目前尚不清楚她有何资格担任审计或薪酬委员会的成员。
Finally, Paul E. Freiman, according to a personal biography from a cancer research company, has exclusively worked for pharmaceutical companies for more than four decades. Why he’s involved with a stablecoin holding company post-biopharmaceutical dismantling is unclear.
最后，根据一家癌症研究公司的个人简介，保罗·E·弗雷曼已专门为制药公司工作超过四十年。在生物制药解体后，他为何会参与一家稳定币控股公司，原因尚不明确。
Regardless of the executive leadership, board of directors, hypothetical plans for exponential growth, and wildly bullish sentiment on the stablecoin ecosystem, Stablecoin Development Corporat has been struggling to keep it’s corporate head above the water of a depressed cryptocurrency market.
无论执行领导层、董事会、指数级增长的假设计划以及围绕稳定币生态系统的极度乐观情绪如何，稳定币发展公司一直在努力使其企业主体在低迷的加密货币市场中保持浮出水面。
Protos will keep an eye on whether the newly minted company can meet its own expectations or soon be relegated to the Pink Sheets.
Protos将关注这家新成立的公司能否达到自身预期，还是很快被降级至粉单市场。
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The post Tether has publicly listed a company that partially controls USDS appeared first on Protos.
文章《Tether公开上市了一家部分控制USDS的公司》最初出现在Protos上。
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