Biotech stock NovaBay surged 19% after the company pivoted and rebranded to (Stablecoin Development Corporation).

CoinNetwork · 2026-03-23T19:11:21+00:00

NovaBay Pharmaceuticals announces rebranding to Stablecoin Development Corporation, pivoting to digital asset strategy, with stock price rising 19%. The company holds 2.06 billion SKY tokens valued at approximately $150 million. This transformation follows the completion of a $134 million private financing round.

CoinNetwork

2026-03-23 19:11:21

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NovaBay Pharmaceuticals has rebranded as Stablecoin Development Corporation (stock code: SDEV) and shifted its focus to digital asset strategy. Boosted by this news, its stock price rose 19% to approximately $1.40. The company disclosed that it holds about 2.06 billion SKY tokens, valued at around $150 million, accounting for 8.8% of SKY’s total supply. SKY is the governance token of the renamed MakerDAO ecosystem, which issues the USDS stablecoin currently trading at $0.073. This transition follows a $134 million private placement completed earlier this year, with investors such as Framework Ventures and Tether participating.

SKY2.51%

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