Pharma firm pivots to stablecoins, buys SKY

NovaBay Pharmaceuticals is undergoing a significant transformation, rebranding as Stablecoin Development Corporation and changing its ticker to SDEV. This strategic pivot from healthcare to cryptocurrency is fueled by a substantial $134 million private placement. The company is deploying these funds to acquire a considerable stake in SKY, the governance token of the Sky protocol, now holding approximately 8.78% of its total supply. NovaBay has also commenced staking its SKY holdings to generate rewards, signaling a deep commitment to its new focus on stablecoin development and the broader decentralized finance ecosystem.