NovaBay Rebrands as 'Stablecoin Development Corporation' With Nearly 9% of SKY Supply

NovaBay Pharmaceuticals is changing its name to Stablecoin Development Corporation and its NYSE American ticker to SDEV, effective April 3, the company announced Monday. The rebrand completes a pivot from wound care to crypto that began with a $134 million private placement in January.

As of March 16, the company held approximately 2.06 billion SKY tokens — roughly 8.78% of the total supply of the Sky protocol's governance token. SKY is currently trading at around $0.07, according to Coingecko, implying the position is worth roughly $144 million. The token is up 10% over the past month.

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