Stablecoin Development Corp
Stablecoin Development Corp is a U.S.-based public company organized around evaluating and developing opportunities in decentralized financial infrastructure and blockchain-based assets. Its reported activities center on stablecoin-related and other digital-asset strategies, including staking, restaking, liquid staking, and related treasury and compliance infrastructure.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueEvaluation and deployment of capital into blockchain-based assets and related network markets.
Participation in proof-of-stake networks to earn protocol rewards through staking activities.
Use of decentralized finance protocols and liquid staking structures tied to digital assets.
Operational systems for holding, securing, and managing blockchain-based assets.
Products
Reported · share of revenue- Avenova Spray88.7 %
- Other Products11.0 %
- Other0.3 %
Source: 10-K FY2024, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
The company does not appear to sell a traditional commercial product set; instead, its activities are oriented toward deploying capital and operating within blockchain-based networks and protocols. Its counterparties and ecosystem participants are likely to include exchanges, validators, custodians, protocol operators, and other digital-asset infrastructure providers. Any future monetization would depend on participation in decentralized networks rather than a conventional end-customer sales base.
Exchanges, custodians, validators, and protocol operators used to access, secure, and transact blockchain-based assets.
Blockchain networks and DeFi protocols that the company may use for staking, restaking, and liquidity activities.
Private investors and financing counterparties that fund the company’s treasury and asset strategy.
Strategy
The company’s stated direction is to evaluate a shift toward decentralized financial infrastructure and blockchain-based assets, including staking-related activities. That strategy requires building technical, security, treasury, and compliance capabilities that are materially different from a conventional operating business.
Staking and related activities require technical, security, and treasury systems that the company must establish before scaling.
The company is still evaluating which assets or protocols fit its strategy and risk framework.
Public-company approval and evolving digital-asset rules can determine whether the strategy can be executed.
Geography
The company is headquartered in the United States and is exposed primarily to U.S. regulatory and market conditions. Because blockchain-based assets trade on global networks and platforms, its operational footprint can extend beyond the U.S. through exchanges, custodians, and protocols located in multiple jurisdictions.
Risks
The company faces substantial execution risk because its proposed blockchain strategy depends on specialized infrastructure, constant system uptime, and third-party crypto market plumbing. It also faces high regulatory, custody, cybersecurity, and liquidity risk because digital-asset rules remain unsettled and trading venues can be volatile or restricted.
- Regulatory and legal uncertaintyImpact: CriticalLikelihood: Medium
Digital assets may be subject to securities, commodities, AML, sanctions, or tax actions.
Exposure: United States and foreign jurisdictions
- Strategy execution failureImpact: HighLikelihood: Medium
The company is evaluating a new operating model that requires new skills, systems, and approvals.
Exposure: Blockchain-based asset strategy
- Cybersecurity and custody lossImpact: HighLikelihood: Medium
On-chain assets depend on private key management, third-party providers, and platform security.
Exposure - Liquidity and market-price volatilityImpact: HighLikelihood: Medium
Blockchain assets can trade on thin or unstable markets and may be hard to convert to fiat.
Exposure: Digital-asset treasury holdings
- Operational uptime and protocol change riskImpact: MediumLikelihood: Low
Staking rewards and network participation can be affected by downtime, upgrades, or penalties.
Exposure: Staking and restaking operations
Accounting
Judgemental itemsBlockchain-based assets may require fair value or impairment-style treatment depending on the asset and accounting framework.
Impact: Can materially affect reported assets and earnings
Series D, Series E, and pre-funded warrants create complex equity and dilution accounting.
Impact: Affects balance sheet classification and EPS dilution
Large conversion rights can change share count and require careful treatment of embedded features.
Impact: Impacts diluted share count and capital structure
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Last updated: 24/09/2026