NovaBay Pharmaceuticals rebrands to focus on stablecoins
- NovaBay Pharmaceuticals (NBY) has changed its name to Stablecoin Development Corporation and its ticker to SDEV.
- The company completed a $134 million private placement with backing from Framework Ventures and Tether Investments.
- Stablecoin Development Corp holds approximately 2.06 billion SKY tokens, representing about 8.78% of the total supply, valued at around $147 million.
- The firm acquired over half of its SKY holdings on the open market at an average price of $0.065.
- It has earned about 26.6 million SKY tokens through staking, with current staking rates exceeding 10% according to the protocol’s website.
This strategic pivot from healthcare to cryptocurrency emphasizes the company’s commitment to the stablecoin sector, particularly by investing heavily in the governance token for Sky protocol, which issues USDS, a dollar-pegged stablecoin.
With a significant stake in SKY tokens worth approximately $147 million, Stablecoin Development Corp is positioning itself as a key player in the growing DeFi landscape as it transitions from its previous business model.
