NovaBay Ditches Drugs for Stablecoin, Invests Over $147M in SKY

NovaBay Pharmaceuticals, a small-cap company listed on the NYSE, recently announced that it has changed its name to Stablecoin Development Corporation. The company also switched its ticker symbol from NBY to SDEV effective April 3, 2026. As of March 16, 2026, the firm holds 2.06 billion SKY tokens, which is roughly 8.78% of the total supply.

The firm also has a market value of approximately $147 million and has generated an additional $26.6 million through staking. The shift represents a complete transition from its previous focus on biopharmaceutical products to developing a treasury centered on stablecoin infrastructure and digital assets.

From Drugs to Stablecoin Treasury

In January 2026, Stablecoin Development Corporation raised approximately $134 million through a private placement. The deal included $25 million in cash, $51 million in stablecoins, and 943.6 million SKY tokens, which were valued at $58 million at the time of the deal. 

After finalizing the transaction, the company used $70.7 million of the proceeds to purchase an additional 1.09 billion SKY tokens on the open market at an average price of $0.065 per token. The financing also included pre-funded warrants for 167.5 million shares. Tiered exercise and trading limits helped to promote orderly market conditions and long-term alignment among investors. 

Additionally, on February 23, 2026, a 1-for-5 reverse stock split was executed to adjust the share structure in preparation for rebranding. Following the rebranding, the company has now fully embraced an on-chain holding strategy, focusing exclusively on SKY as its primary approved digital asset.

Stablecoin Bet Yields 26M Tokens

Since beginning its staking activities, the company has earned 26.6 million SKY tokens in rewards from the Sky protocol. Most of these tokens remain staked to continue generating income. However, the rewards depend on the protocol’s rules and the level of network usage.

The rebranded company now operates as an on-chain holding firm that actively participates in protocol-level digital assets. The leadership believes that stablecoins will increasingly play a significant role in global finance, facilitating international payments, remittances, and institutional use.

By securing a substantial position in SKY and consistently earning staking income, the Stablecoin Development Corporation aims to benefit from one of the leading decentralized stablecoin systems while minimizing its exposure to more volatile cryptocurrencies.

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