Pharmaceutical firm pivots to stablecoins, holds nearly 9% of SKY's supply
Nanocap NovaBay Pharmaceuticals changed its name to Stablecoin Development Corporation.
By Francisco Rodrigues|Edited by Stephen Alpher Mar 23, 2026, 2:25 p.m.
Make us preferred on Google
What to know:
- NovaBay Pharmaceuticals is renaming itself Stablecoin Development Corporation and changing its ticker from NBY to SDEV, marking a full shift from healthcare to crypto, following a $134 million private placement.
- The company is using the proceeds of a private placement to build a large position in SKY, the governance token of the Sky protocol, and now holds around 2.06 billion tokens.
- The firm has begun staking its SKY holdings to earn rewards, and reports earning around 26.6 million SKY tokens so far, as it prepares for its new focus on crypto and stablecoin development.
NovaBay Pharmaceuticals (NBY) — a nanocap with a market capitalization of about $30 million — has renamed itself Stablecoin Development Corporation and changed its ticker to SDEV, marking a full shift from healthcare to crypto.
This follows a $134 million private placement backed by firms including Framework Ventures and Tether Investments, the company said.
The firm is using those funds to build a large position in SKY, the governance token tied to the Sky protocol, a decentralized finance protocol that issues the cryptocurrency-backed dollar-pegged stablecoin USDS..
The company currently holds about 2.06 billion SKY tokens, roughly 8.78% of the total supply, worth around $147 million. It acquired over half of that on the open market at an average price near $0.065. The rest came as part of the financing deal, which included cash and stablecoins.
The firm has also begun staking its holdings to earn rewards. It reports earning about 26.6 million SKY tokens so far, with these rewards varying based on network rules and participation.
CoinDesk has reached out to Stablecoin Development Corp for comments, but hasn’t heard back at the time of writing.
Sky, which evolved from MakerDAO, currently has a SKY staking rate of over 10%, according to the protocol’s website. The token’s value is down around 1.45% over the last 24 hours, while the broader crypto market rose 4% over the same period, as measured by the CoinDesk 20 (CD20) index.
NBY is higher by 5% on Monday.
AltcoinsDeFiMore For You
Backpack launches BP token on Solana with 25% airdrop, no insider allocation
By Margaux Nijkerk|Edited by Stephen Alpher1 hour ago
The remaining tokens are subject to long-term lockups tied to company milestones and a potential IPO.
What to know:
- Backpack launched its BP token on Solana with 25% of the 1 billion supply distributed to users via an airdrop, with no allocation to insiders at inception.
- The remaining tokens are subject to long-term lockups tied to company milestones and a potential IPO, with a provision allowing long-term stakers to convert tokens into equity.
Strategy tops up capital-raising plans, bringing potential bitcoin buying power back to $42 billion
2 minutes ago
Backpack launches BP token on Solana with 25% airdrop, no insider allocation
1 hour ago
CoinDesk 20 performance update: Bitcoin Cash (BCH) gains 2.3%, leading index higher
1 hour ago
Tom Lee's Bitmine extends buying streak with $138 million ETH purchase, betting on crypto slump ending
2 hours ago
Bitcoin's wild roller coaster ride leaves leveraged traders with $415 million in liquidations
2 hours ago
H100 eyes Europe’s largest bitcoin treasury with 3,500 BTC in proposed acquistions
2 hours agoTop Stories
Bitcoin surges above $71,000 as Trump postpones Iran strikes for 5 days
3 hours ago
Strategy returns to 'small' bitcoin purchases, adding $76.6 million in BTC last week
2 hours ago
Polymarket traders bet on Iran ceasefire even as oil shock concerns persist
3 hours ago
Bitcoin clings to monthly gains, historic losing streak still in play
4 hours ago
Brazil’s finance minister delays divisive crypto tax plan
3 hours ago
