[Stablecoin Company SDEV Spends Over $100 Million Betting on SKY Tokens] According to CoinDesk, Nasdaq-listed pharmaceutical company NovaBay Pharmaceuticals has been renamed Stablecoin Development Corporation (stock ticker changed from NBY to SDEV), with its business shifting entirely from healthcare to crypto and stablecoin development. The company previously completed approximately $134 million in private financing, with investors including Framework Ventures and Tether Investments. The raised funds are primarily being used to increase holdings of the governance token SKY from the decentralized stablecoin protocol Sky. Currently, SDEV holds approximately 2.06 billion SKY tokens, accounting for about 8.78% of the total supply, with a market value of approximately $147 million. Over half of these tokens were purchased on the secondary market at an average price of around $0.065, while the remainder came from cash and stablecoins as part of the financing consideration. The company has begun staking SKY to earn rewards, having so far received approximately 26.6 million SKY tokens as staking rewards.