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Emeryville, California. - April 3, 2026.
Stablecoin Development Corporation (NYSE American: SDEV) is now the official name and ticker for the company formerly known as NovaBay Pharmaceuticals, Inc. (NBY).
The name change and ticker symbol switch from NBY to SDEV became effective today, marking the completion of the company’s strategic pivot from pharmaceuticals into stablecoin development and on-chain digital asset infrastructure.
Key Takeaways
- Official Rebrand: NovaBay Pharmaceuticals is now Stablecoin Development Corporation with ticker SDEV effective April 3, 2026.
- Major Holdings: Holds ~2.06 billion SKY tokens (8.78% of supply) in the Sky Protocol ecosystem.
- Staking Activity: Generated 26.6 million SKY in rewards through on-chain staking.
- Strategic Pivot: Complete shift to on-chain holding company strategy centered on stablecoins and digital assets.
- Investor Backing: Supported by $134M raise from prominent crypto investors including Tether and Framework Ventures.
The rebrand, originally announced in March 2026 alongside updates on its significant holdings in the Sky Protocol ecosystem, positions the public company as an on-chain holding company focused on the growing stablecoin economy.
Formerly a biotech firm specializing in wound care and ophthalmic products, the company has undergone a dramatic transformation. Following a $134 million private placement in January 2026 backed by investors including Framework Ventures, Tether Investments, and Sky Frontier Foundation, it acquired approximately 2.06 billion SKY tokens, representing about 8.78% of the total supply.
The company has begun staking these tokens in the Sky Protocol, a decentralized finance platform evolved from MakerDAO that supports the USDS stablecoin. As of mid-March, it had earned roughly 26.6 million SKY tokens in cumulative staking rewards.
“We are building the premier public market vehicle to access cash flows within the growing stablecoin economy,” said Michael Kazley, Chief Executive Officer of SDEV. “The name change to Stablecoin Development Corporation reflects our conviction that stablecoins represent the most compelling structural opportunity in digital finance.”
Conclusion
The transition underscores a broader trend of traditional companies embracing blockchain and DeFi opportunities.
As SDEV begins its new chapter trading under the SDEV ticker, it aims to capitalize on the expanding stablecoin sector, providing investors with exposure to protocol-level economics through its public market vehicle.
The company has emphasized long-term holding and risk-managed participation in the Sky ecosystem.
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FAQs:
1. What happened to NovaBay Pharmaceuticals?
NovaBay Pharmaceuticals has officially rebranded as Stablecoin Development Corporation (SDEV) effective April 3, 2026, completing its pivot into stablecoin and on-chain digital asset infrastructure.
2. What is the new ticker symbol for the company?
The company's stock now trades under the ticker SDEV on the NYSE American, replacing the previous NBY ticker.
3. What is Stablecoin Development Corporation focused on?
SDEV operates as an on-chain holding company primarily focused on the Sky Protocol ecosystem, holding and staking SKY governance tokens to participate in the stablecoin economy, particularly around the USDS stablecoin.
4. How many SKY tokens does SDEV hold?
As of March 16, 2026, the company held approximately 2.06 billion SKY tokens, equating to roughly 8.78% of the total supply.
5. Why did NovaBay pivot to stablecoins?
The pivot reflects the company's view that stablecoins represent a major structural opportunity in digital finance, allowing it to generate returns through protocol participation and staking rewards.
Disclaimer:
This content is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice; no material herein should be interpreted as a recommendation, endorsement, or solicitation to buy or sell any financial instrument, and readers should conduct their own independent research or consult a qualified professional.
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