Pharmaceutical firm pivots to stablecoins, holds nearly 9% of SKY's supply

Nanocap NovaBay Pharmaceuticals changed its name to Stablecoin Development Corporation. What to know : NovaBay Pharmaceuticals is renaming itself Stablecoin Development Corporation and changing its ticker from NBY to SDEV, marking a full shift from healthcare to crypto, following a $134 million private placement. The company is using the proceeds of a private placement to build a large position in SKY, the governance token of the Sky protocol, and now holds around 2.06 billion tokens. The firm has begun staking its SKY holdings to earn rewards, and reports earning around 26.6 million SKY tokens so far, as it prepares for its new focus on crypto and stablecoin development.