In a recent turn of events, NovaBay Pharmaceuticals’ stock jumped 18%, following the company’s announcement that it is stepping away from its biotech business and rebranding itself as “Stablecoin Development Corporation” (SDEV). The rebranding will take effect starting on the 3rd of April 2026.
For perspective, the company has raised $134 million from major investors like Tether and Framework Ventures to support this shift.
Instead of developing medicines, SDEV will now focus entirely on the crypto space, particularly stablecoins. It already holds over 2.06 billion SKY tokens and plans to use them to generate returns directly from blockchain protocols.
Remarking on the same, Michael Kazley, Chief Executive Officer of SDEV, added,
We are building the premier public market vehicle to access cash flows within the growing stablecoin economy.
Deloitte Canada partners with Stablecorp
At the same time, a similar shift is happening in Canada, but in a more regulated way. Deloitte Canada has partnered with Stablecorp to build financial systems using QCAD stablecoins.
With new laws like Bill C-15 coming, this shows that stablecoins are becoming part of the official financial system, not just a niche crypto idea.
Weighing in on the development, Soumak Chatterjee, Partner, Financial Services and Payments Leader at Deloitte Canada, said,
Stablecoins present a significant opportunity for Canada’s payments landscape.
By combining Deloitte’s expertise with Stablecorp’s regulated setup, they are creating a safe and compliant way for banks to use stablecoins like QCAD. This will help banks move money faster, reduce costs, and avoid delays like the usual T+2 settlement system.
Adding to the narrative, Kesem Frank, CEO of Stablecorp, noted,
Working with Deloitte Canada is a major opportunity to unlock QCAD’s benefits for all.
Stablecoin market dynamics and regulatory clarity
This comes at a time when stablecoins have become a huge part of the global financial system. According to Visa on-chain analytics data, total stablecoin transactions have reached $69.9 trillion, with monthly volumes often crossing $1 trillion.
Most of this activity is still dominated by USDT, which acts as the main source of liquidity in the market. USDC also plays an important role, especially in regulated and institutional use, though its activity can fluctuate. Newer stablecoins like FDUSD and PYUSD are growing but haven’t made a big impact yet.
Additionally, new laws like the GENIUS Act and ongoing discussions around the CLARITY Act are boosting market confidence by bringing clearer rules and oversight to the crypto space. This reduces uncertainty for investors and institutions, making it easier for them to participate.
As a result, the industry is gradually moving away from speculative, high-risk trading toward a more structured and stable $300 billion financial sector backed by stronger regulation and trust.
Final Summary
- Stablecoins are evolving from trading tools into essential financial rails for payments, savings, and global commerce.
- Regulatory clarity through acts like GENIUS and CLARITY is accelerating adoption and reducing market uncertainty.
Ishika Kumari
JournalistIshika Kumari is a Crypto Analyst at AMBCrypto, specializing in regulatory developments, market dynamics, and blockchain’s real-world impact. She breaks down complex protocols and legislation into practical, easy-to-understand insights.
