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NovaBay Pharmaceuticals rebrands as Stablecoin Development Corporation, shifting focus to blockchain and stablecoin innovation.
Author: Arushi Garg
24th March, 2026: NovaBay Pharmaceuticals (NYSE American: NBY) is rebranding as Stablecoin Development Corporation (SDEV). The former biotech company raised $134 million through a private placement in January 2026 from crypto-focused investors and used the capital to acquire more than 2.06 billion SKY tokens, nearly 9% of the total supply, in the Sky Protocol (USDS stablecoin) ecosystem. This move marks a major shift from pharmaceuticals to decentralized finance and stablecoin infrastructure.
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CryptoMetal 🎸
@cryptometalbr
@NovaBayPharma This is the pivot king of the pivota
NovaBay Pharmaceuticals (NYSE American: NBY) is becoming Stablecoin Development Corporation (NYSE American: SDEV). We're changing our name and ticker to reflect what we're building: the premier public market vehicle for exposure to the stablecoin economy. Since closing a ~$134M
09:37 PM·Mar 23, 2026
Boubani
@BoubaniOfficial
@NovaBayPharma Only in crypto does a pharmaceutical company pivot to stablecoins, lmao. Wishing yall best of luck though
NovaBay Pharmaceuticals (NYSE American: NBY) is becoming Stablecoin Development Corporation (NYSE American: SDEV). We're changing our name and ticker to reflect what we're building: the premier public market vehicle for exposure to the stablecoin economy. Since closing a ~$134M
06:52 PM·Mar 23, 2026
Alex
@RektBarrister
@NovaBayPharma pharma to stablecoins? wild pivot, billion wallet watching
NovaBay Pharmaceuticals (NYSE American: NBY) is becoming Stablecoin Development Corporation (NYSE American: SDEV). We're changing our name and ticker to reflect what we're building: the premier public market vehicle for exposure to the stablecoin economy. Since closing a ~$134M
04:09 PM·Mar 23, 2026
How NovaBay’s transformation into Stablecoin Development Corporation reshapes strategy and investor positioning
The $134 million private placement was backed by major crypto investors including Framework Ventures, Tether Investments, and Sky Frontier Foundation. NovaBay deployed the entire raise to acquire 2.06 billion SKY tokens, nearly 9% of total supply, making it one of the largest holders in the Sky Protocol ecosystem.
Under its new name as Stablecoin Development Corporation, the company plans to stake its SKY holdings and actively participate in protocol governance. Management aims to support the long-term growth and utility expansion of the USDS stablecoin through infrastructure development and strategic initiatives.
The name and ticker change were formally disclosed in the company’s SEC Form 8-K filing on March 23, 2026.
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