Stablecoin company SDEV invests over 100 million dollars in betting on SKY token

MarsBitNews · 2026-03-23T15:48:28+00:00

Nasdaq-listed company NovaBay Pharmaceuticals has rebranded to Stablecoin Development Corporation, pivoting its business from pharmaceuticals to cryptocurrency and stablecoin development. The company completed a $134 million financing round, primarily used to increase holdings of governance token SKY from the decentralized stablecoin protocol Sky. It currently holds 2.06 billion SKY tokens, valued at approximately $147 million, and has begun staking Sky to generate yield.

MarsBitNews

2026-03-23 15:48:28

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Mars Finance reports that according to market sources, Nasdaq-listed pharmaceutical company NovaBay Pharmaceuticals has renamed itself to Stablecoin Development Corporation (stock ticker changed from NBY to SDEV), shifting its business focus from healthcare to cryptocurrency and stablecoin development. The company previously completed approximately $134 million in private funding, with investors including Framework Ventures and Tether Investments, and plans to use the funds mainly to increase holdings of Sky, a decentralized stablecoin protocol, and its governance token SKY. Currently, SDEV holds about 2.06 billion SKY tokens, accounting for approximately 8.78% of the total supply, with a market value of around $147 million. Over half of these were purchased on the secondary market at an average price of about $0.065, with the rest funded by cash and stablecoins from the financing deal. The company has begun staking SKY to earn rewards, having received approximately 26.6 million SKY tokens in staking rewards so far.

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