Pharmaceutical company shifts focus to stablecoins, retains almost 9% of SKY’s total supply.

Nanocap NovaBay Pharmaceuticals has rebranded itself as Stablecoin Development Corporation.

(Clay Banks/Unsplash)

Key details:

• NovaBay Pharmaceuticals is rebranding as Stablecoin Development Corporation and adjusting its ticker symbol from NBY to SDEV, signifying a complete transition from healthcare to cryptocurrency, following a $134 million private placement.
• The organization is utilizing the funds from a private placement to establish a significant stake in SKY, which is the governance token associated with the Sky protocol, currently holding approximately 2.06 billion tokens.
• The company has initiated staking its SKY assets to receive rewards, reporting approximately 26.6 million SKY tokens earned to date, as it shifts its focus toward cryptocurrency and stablecoin development.

NovaBay Pharmaceuticals (NBY)—a nanocap with a market cap nearing $30 million—has rebranded itself as Stablecoin Development Corporation and modified its ticker to SDEV, indicating a total shift from healthcare to cryptocurrency.

This change follows a $134 million private placement supported by entities such as Framework Ventures and Tether Investments, according to the company.

The firm plans to use the capital to amass a substantial position in SKY, the governance token related to the Sky protocol, a decentralized finance framework that issues the cryptocurrency-backed dollar-pegged stablecoin USDS.

The company currently possesses around 2.06 billion SKY tokens, accounting for roughly 8.78% of the total supply, valued at approximately $147 million. It acquired over half of this amount on the open market at an average price close to $0.065, while the remainder was obtained through the financing deal, which included cash and stablecoins.

Additionally, the firm has commenced staking its holdings to gain rewards. Reports indicate it has earned around 26.6 million SKY tokens thus far, with these rewards fluctuating based on network parameters and engagement.

CoinDesk has reached out to Stablecoin Development Corp for further information but has not received a response at the time of this writing.

Sky, which developed from MakerDAO, presently offers a SKY staking rate exceeding 10%, as stated on the protocol’s website. The token’s value has decreased by approximately 1.45% over the last 24 hours, while the wider cryptocurrency market experienced a 4% increase during the same timeframe, as indicated by the CoinDesk 20 (CD20) index.

NBY has seen an increase of 5% on Monday.