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The biotechnology firm NovaBay Pharmaceuticals, which specializes in eye care products, has rebranded itself as Stablecoin Development Corporation. The company, with a market capitalization of approximately $30 million and listed on the NYSE American (NYSE MKT), has changed its ticker symbol from NBY to SDEV.
This change followed a stock issuance totaling $134 million, supported by Framework Ventures and Tether Investments. The proceeds from the stock sale were utilized by the company to acquire tokens from the decentralized protocol Sky, previously known as MakerDAO. This protocol issues the USDS stablecoin, which is pegged to the US dollar and backed by crypto assets held in the smart contracts of the Sky protocol.
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Currently, Stablecoin Development holds 2.06 billion SKY tokens valued at $147 million, representing 8.78% of the total coin supply. More than half of these crypto assets were purchased on the open market at an average price of around $0.065. The remainder was acquired through a financing deal. Stablecoin Development Corporation is now staking its tokens, having earned 26.6 million SKY tokens through this process.
“We changed our name to Stablecoin Development Corporation because we believe that stablecoins create opportunities in the digital finance sector. With over 2 billion SKY tokens and an activated staking reward program, we are prepared to actively engage in this evolving ecosystem,” stated SDEV CEO Michael Kazley.
On March 22, the price of SKY reached $0.07969; however, in the following day, the token decreased by 1.1%, falling to $0.07219. The market capitalization of the crypto asset stands at $1.6 billion, with a daily trading volume down by 3% to $40.3 million.
Last year, the American software development company MicroStrategy rebranded itself as Strategy, incorporating a stylized Bitcoin symbol into its logo. Strategy is now recognized as one of the largest corporate holders of Bitcoin.
